EX-12 15 ex12apco4q.htm COMPUTATION OF RATIOS - APCO Unassociated Document
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
    Years Ended December 31,  
     
 2009
  
2010
   2011      2012   2013  
EARNINGS
                                
Income Before Income Taxes
   $ 201,263   $ 210,898   $ 252,618   $  423,030   $  326,146  
Fixed Charges (as below)     215,640     217,500     217,280     210,421     201,704  
Total Earnings
   $ 416,903   $ 428,398   $ 469,898   $  633,451   $  527,850  
                                 
FIXED CHARGES
                                
Interest Expense
   $ 202,426   $ 207,649   $ 204,623   $  202,074   $  192,982  
Credit for Allowance for Borrowed Funds Used
   During Construction
     6,014     2,251     6,257     1,347     1,522  
Estimated Interest Element in Lease Rentals    
7,200
     7,600     6,400     7,000     7,200  
Total Fixed Charges
   $ 215,640   $ 217,500   $ 217,280   $  210,421   $  201,704  
                                 
Ratio of Earnings to Fixed Charges
     1.93     1.96     2.16     3.01     2.61