EX-12 18 ex12opco4q.htm COMPUTATION OF RATIOS - OPCO Unassociated Document
 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
   
Years Ended December 31,
  
   
2007
  
2008
   2009     2010    2011  
EARNINGS
                              
Income Before Income Taxes
  
$
804,622
  
$
 693,946   $ 890,471   $ 842,922   $ 678,690  
Fixed Charges (as below)
    
260,794
     318,684     283,540     269,886      248,026  
Total Earnings
  
$
1,065,416
  
$
 1,012,630   $ 1,174,011   $  1,112,808   $ 926,716  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
196,978
  
$
 265,938   $ 241,134   $  242,000   $ 221,976  
Credit for Allowance for Borrowed Funds
   Used During Construction
     43,916     27,946     16,506      3,786     2,350  
Estimated Interest Element in Lease Rentals     19,900     24,800     25,900      24,100      23,700  
Total Fixed Charges
  
$
 260,794  
$
 318,684   $ 283,540   $  269,886   $  248,026  
                                 
Ratio of Earnings to Fixed Charges
    
4.08
     3.17     4.14     4.12      3.73