EX-12 3 x12cspco.htm COMPUTATION OF RATIOS Unassociated Document
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,         
  
Twelve Months Ended 
  
   
2001 
  
2002 
  
2003 
  
2004 
  
2005 
  
3/31/2006 
  
EARNINGS
                                      
Income Before Income Taxes
  
$
294,860
  
$
292,176
  
$
246,809
  
$
207,929
  
$
199,259
  
$
206,163
  
Fixed Charges (as below)
    
75,410
    
59,847
    
58,771
    
61,742
    
63,665
    
67,548
  
Total Earnings
  
$
370,270
  
$
352,023
  
$
305,580
  
$
269,671
  
$
262,924
  
$
273,711
  
                                       
FIXED CHARGES
                                      
Interest Expense
  
$
68,015
  
$
53,869
  
$
50,948
  
$
54,246
  
$
59,539
 
$
64,147
  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
2,595
    
2,478
    
5,123
    
4,996
    
1,526
   
801
 
Estimated Interest Element in Lease Rentals
    
4,800
    
3,500
    
2,700
    
2,500
    
2,600
    
2,600
  
Total Fixed Charges
  
$
75,410
  
$
59,847
  
$
58,771
  
$
61,742
  
$
63,665
  
$
67,548
  
                                       
Ratio of Earnings to Fixed Charges
    
4.91
    
5.88
    
5.19
    
4.36
    
4.12
    
4.05