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Previous: SOUTHERN ENERGY INC, S-1/A, 2000-09-26 |
Next: SOUTHERN ENERGY INC, S-1/A, EX-12.2, 2000-09-26 |
<PAGE> 1
EXHIBIT 12.1
SOUTHERN ENERGY INC., AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Year ended December 31 Six months
----------------------- ended
(In Millions, except Ratio) 1995 1996 1997 1998 1999 June 30, 2000
---- ---- ---- ---- ------ -------------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS, AS DEFINED:
Income (loss) from continuing operations before income
taxes and minority interest $ 35 $140 $180 $(55) $ 674 $195
Add:
Fixed charges less interest capitalized 67 136 350 440 509 303
Amortization of capitalized interest 0 0 3 3 5 3
Distributed income of equity investees 139 11 29 67 58 11
Less:
Equity in income of affiliates, and minority interest in
losses 10 14 58 143 128 74
---- ---- ---- ---- ------ ----
Total earnings, as defined $231 $273 $504 $312 $1,118 $438
---- ---- ---- ---- ------ ----
FIXED CHARGES, AS DEFINED:
Interest expensed, including amortization of debt
premiums, discounts and expenses $ 64 $133 $345 $430 $ 502 $300
Interest capitalized 8 5 17 49 64 14
Interest element of rentals 3 3 5 10 7 3
---- ---- ---- ---- ------ ----
Total fixed charges, as defined $ 75 $141 $367 $489 $ 573 $317
---- ---- ---- ---- ------ ----
Ratio of earnings to fixed charges 3.1 1.9 1.4 0.6 2.0 1.4
---- ---- ---- ---- ------ ----
</TABLE>
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