EX-12 16 ex12im4q.htm COMPUTATION OF RATIOS - I&M Unassociated Document
EXHIBIT 12
 
 
INDIANA MICHIGAN 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
  
$
 297,347   $ 189,517   $ 201,434   $  157,801   $  252,615   
Fixed Charges (as below)
     173,293     174,965     168,003     168,656     167,362   
Total Earnings
   $ 470,640   $ 364,482   $ 369,437   $  326,457   $  419,977   
                                 
FIXED CHARGES
                                
Interest Expense
   $ 101,145   $ 104,465   $ 97,665   $  102,739   $  97,710   
Credit for Allowance for Borrowed Funds Used
   During Construction
     8,348     8,500     7,838     4,717     9,752   
Estimated Interest Element in Lease Rentals     63,800     62,000     62,500     61,200     59,900   
Total Fixed Charges
   $ 173,293   $ 174,965   $ 168,003   $  168,656   $  167,362   
                                 
Ratio of Earnings to Fixed Charges
     2.71     2.08     2.19     1.93     2.50