EX-12 17 x12aep.txt EXHIBIT 12 AMERICAN ELECTRIC POWER COMPANY, INC. Computation of Consolidated Ratio of Earnings to Fixed Charges (in millions except ratio data)
Year Ended December 31, 1998 1999 2000 2001 2002 Fixed Charges: Interest on Long-term Debt . . . . . . . . . . . . $ 569 $ 618 $ 618 $ 605 $ 642 Interest on Short-term Debt. . . . . . . . . . . . 134 149 259 148 67 Miscellaneous Interest Charges . . . . . . . . . . 77 77 161 132 106 Estimated Interest Element in Lease Rentals. . . . 222 212 223 222 229 Preferred Stock Dividends. . . . . . . . . . . . . 29 28 32 15 84 Total Fixed Charges. . . . . . . . . . . . . $1,031 $1,084 $1,293 $1,122 $1,128 Earnings: Income Before Income Taxes . . . . . . . . . . . . $1,357 $1,333 $ 782 $1,463 $ 235 Plus Fixed Charges (as above). . . . . . . . . . . 1,031 1,084 1,293 1,122 1,128 Less Undistributed Earnings in Equity Investments. 42 46 46 28 12 Total Earnings. . . . . . . . . . . . . . . . $2,346 $2,371 $2,029 $2,557 $1,351 Ratio of Earnings to Fixed Charges . . . . . . . . . 2.27 2.18 1.56 2.27 1.19