EX-12 4 x12tcc.htm COMPUTATION OF RATIOS Computation of Ratios

EXHIBIT 12
 
 
AEP TEXAS CENTRAL COMPANY AND SUBSIDIARY 
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
 
   
Year Ended December 31,
  
   
2001
  
2002
  
2003
  
2004
  
2005
  
EARNINGS
                           
Income Before Income Taxes
  
$
293,425
  
$
418,107
  
$
322,719
  
$
429,714
  
$
63,213
  
Fixed Charges (as below)
    
125,194
    
132,237
    
136,143
    
125,701
    
115,439
  
Total Earnings
  
$
418,619
  
$
550,344
  
$
458,862
  
$
555,415
  
$
178,652
  
                                 
FIXED CHARGES
                                
Interest Expense   $ 116,268   $ 125,871   $ 133,812   $ 123,785   $ 112,006   
Credit for Allowance for Borrowed Funds Used
   During Construction
     6,943     4,620     567     750     1,508   
Trust Dividends     -     (649 )   (372 )   (216 )   -   
Estimated Interest Element in Lease Rentals
    
1,983
 
  
2,395
 
  
2,136
 
  
1,382
 
  
1,925
 
Total Fixed Charges
  
$
125,194
  
$
132,237
  
$
136,143
  
$
125,701
  
$
115,439
  
                                 
Ratio of Earnings to Fixed Charges
    
3.34
    
4.16
    
3.37
    
4.41
    
1.54