EX-12.1 5 ex12-1.htm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5/5/2009

THE SOUTHERN COMPANY

Computation of ratio of earnings to fixed charges for

the five years ended December 31, 2008

and the year to date March 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year ended December 31,

 

 

March 31,

 

 

2004

 

 

2005

 

 

2006

 

 

2007

 

 

2008

 

 

2009

 

--------------------------------------------------Thousands of Dollars--------------------------------------------------

EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Before Income Taxes

$

2,143,511

 

$

2,215,602

 

$

2,389,290

 

$

2,616,758

 

$

2,721,867

 

$

309,085

Interest expense, net of amounts capitalized

 

640,261

 

 

746,819

 

 

865,873

 

 

885,796

 

 

866,202

 

 

225,727

Distributions on mandatorily redeemable preferred securities

 

27,230

 

 

0

 

 

0

 

 

0

 

 

0

 

 

0

AFUDC - Debt funds

 

17,970

 

 

20,500

 

 

20,453

 

 

47,519

 

 

64,063

 

 

18,186

Less: Dividends on preferred and preference stock of subsidiaries

(29,815)

 

 

(30,175)

 

 

(34,606)

 

 

(47,763)

 

 

(64,780)

 

 

(16,195)

Earnings as defined

$

2,799,157

 

$

2,952,746

 

$

3,241,010

 

$

3,502,310

 

$

3,587,352

 

$

536,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

$

499,737

 

$

558,975

 

$

626,752

 

$

739,285

 

$

810,233

 

$

215,014

Interest on affiliated loans

 

99,737

 

 

127,721

 

 

122,088

 

 

66,372

 

 

23,454

 

 

5,863

Interest on interim obligations

 

8,671

 

 

25,358

 

 

76,745

 

 

75,249

 

 

30,285

 

 

1,879

Amort of debt disc, premium and expense, net

 

36,906

 

 

36,698

 

 

57,878

 

 

45,675

 

 

39,579

 

 

9,795

Other interest charges

 

13,180

 

 

18,567

 

 

2,863

 

 

6,734

 

 

26,714

 

 

11,362

Distributions on mandatorily redeemable preferred securities

 

27,230

 

 

0

 

 

0

 

 

0

 

 

0

 

 

0

Fixed charges as defined

 

685,461

 

 

767,319

 

 

886,326

 

 

933,315

 

 

930,265

 

 

243,913

Tax deductible preferred dividends

 

1,566

 

 

1,554

 

 

1,293

 

 

1,281

 

 

1,281

 

 

320

 

 

687,027

 

 

768,873

 

 

887,619

 

 

934,596

 

 

931,546

 

 

244,233

Non-tax deductible preferred and preference dividends

 

28,249

 

 

28,621

 

 

33,313

 

 

46,482

 

 

63,499

 

 

15,875

Ratio of net income before taxes to net income

x

1.375

 

x

1.367

 

x

1.485

 

x

1.469

 

x

1.507

 

x

2.178

Pref dividend requirements before income taxes

 

38,842

 

 

39,125

 

 

49,470

 

 

68,282

 

 

95,693

 

 

34,576

Fixed charges including pref dividend requirements

$

725,869

 

$

807,998

 

$

937,089

 

$

1,002,878

 

$

1,027,239

 

$

278,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

3.86

 

 

3.65

 

 

3.46

 

 

3.49

 

 

3.49

 

 

1.93