EXHIBIT 99.03

Southern Company

Significant Factors Impacting EPS

3 Months Ended March

2007

2006

Change

Consolidated Earnings–As Reported

$

0.45

$

0.35

$

0.10

(See Notes)

Significant Factors:

Traditional Operating Companies

0.05

Southern Power

0.02

Synthetic Fuels

0.03

Leasing

(0.01)

Parent Company and Other

0.01

Total–As Reported

$

0.10

3 Months Ended March

2007

2006

Change

Consolidated Earnings–Excluding Synfuels

$

0.41

$

0.34

$

0.07

(See Notes)

Total–As Reported

0.10

Less: Synthetic Fuels

(0.03)

Total–Excluding Synthetic Fuels

$

0.07

- Tax credits associated with Southern Company's synthetic fuel investments expire December 31, 2007 and will not contribute to Southern Company's earnings and earnings per share after 2007.

- Certain prior year data has been reclassified to conform with current year presentation.

- Information contained in this report is subject to audit and adjustments. Certain classifications may be different from final results published in the Form 10-Q.