EX-12 5 x12cspco.htm COMPUTATION OF RATIOS Computation of Ratios
EXHIBIT 12
 
 
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
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
  
$
294,860
  
$
292,176
  
$
246,809
  
$
207,929
  
$
199,259
  
Fixed Charges (as below)
    
75,410
    
59,847
    
58,771
    
61,742
    
63,665
  
Total Earnings
  
$
370,270
  
$
352,023
  
$
305,580
  
$
269,671
  
$
262,924
  
                                 
FIXED CHARGES
                                
Interest Expense   $ 68,015   $ 53,869   $ 50,948   $ 54,246   $ 59,539   
Credit for Allowance for Borrowed Funds Used
   During Construction
     2,595     2,478     5,123     4,996     1,526   
Estimated Interest Element in Lease Rentals
  
 
4,800
  
 
3,500
  
 
2,700
  
 
2,500
  
 
2,600
  
Total Fixed Charges
  
$
75,410
  
$
59,847
  
$
58,771
  
$
61,742
  
$
63,665
  
                                 
Ratio of Earnings to Fixed Charges
    
4.91
    
5.88
    
5.19
    
4.36
    
4.12