Exhibit 12.2
ALABAMA POWER COMPANY
Computation of ratio of earnings to fixed charges plus preferred and preference
dividend requirements for the five years ended December 31, 2013
Year ended December 31, | |||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||
Earnings Before Income Taxes | $ | 1,088,238 | $ | 1,203,742 | $ | 1,219,603 | $ | 1,214,477 | $ | 1,224,565 | |||||||||
Distributed income of equity securities | — | 2,486 | 7,371 | 7,126 | 3,649 | ||||||||||||||
Interest expense, net of amounts capitalized | 298,495 | 303,165 | 298,934 | 286,748 | 258,587 | ||||||||||||||
Interest component of rental expense | 39,442 | 23,094 | 18,573 | 18,930 | 17,234 | ||||||||||||||
AFUDC - Debt funds | 33,112 | 13,992 | 8,751 | 6,810 | 11,236 | ||||||||||||||
Earnings as defined | $ | 1,459,287 | $ | 1,546,479 | $ | 1,553,232 | $ | 1,534,091 | $ | 1,515,271 | |||||||||
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: | |||||||||||||||||||
Interest on long-term debt | $ | 287,066 | $ | 287,075 | $ | 279,880 | $ | 266,610 | $ | 239,681 | |||||||||
Interest on affiliated loans | 10,291 | 7,196 | 7,119 | 7,476 | 7,081 | ||||||||||||||
Interest on interim obligations | 69 | 15 | 44 | 9 | 17 | ||||||||||||||
Amort of debt discount, premium and expense, net | 11,050 | 10,368 | 9,437 | 10,062 | 13,374 | ||||||||||||||
Other interest charges | 23,131 | 12,503 | 11,205 | 9,401 | 10,017 | ||||||||||||||
Interest component of rental expense | 39,442 | 23,094 | 18,573 | 18,930 | 17,234 | ||||||||||||||
Fixed charges as defined | 371,049 | 340,251 | 326,258 | 312,488 | 287,404 | ||||||||||||||
Tax deductible preferred dividends | 1,089 | 1,089 | 1,089 | 1,089 | 1,089 | ||||||||||||||
372,138 | 341,340 | 327,347 | 313,577 | 288,493 | |||||||||||||||
Non-tax deductible preferred and preference dividends | 38,375 | 38,375 | 38,375 | 38,375 | 38,375 | ||||||||||||||
Ratio of net income before taxes to net income | x | 1.542 | x | 1.620 | x | 1.640 | x | 1.642 | x | 1.635 | |||||||||
Preferred and preference dividend requirements before income taxes | 59,158 | 62,159 | 62,923 | 62,994 | 62,761 | ||||||||||||||
Fixed charges plus preferred and preference dividend requirements | $ | 431,296 | $ | 403,499 | $ | 390,270 | $ | 376,571 | $ | 351,254 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED AND PREFERENCE DIVIDEND REQUIREMENTS | 3.38 | 3.83 | 3.98 | 4.07 | 4.31 |