EX-12 4 ex12apco1q.htm COMPUTATION OF RATIOS - APCO Unassociated Document
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
          Twelve    Three  
         Months    Months  
   
Years Ended December 31,
    Ended    Ended  
   
2007
    
 2008
  
2009
   2010      2011    3/31/2012    3/31/2012  
EARNINGS
                                           
Income Before Income Taxes
  
$
195,613
   $ 166,801   $ 201,263   $ 210,898    $  252,618   $  311,378   $  126,524  
Fixed Charges (as below)     178,067     225,573     215,640     217,500      217,280     215,424     53,325  
Total Earnings
  
$
373,680
   $ 392,374   $ 416,903   $ 428,398    $  469,898   $  526,802   $  179,849  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
165,405
   $ 209,733   $ 202,426   $ 207,649    $  204,623   $  202,991   $  51,307  
Credit for Allowance for Borrowed Funds Used
   During Construction
     6,962     9,040     6,014     2,251      6,257     6,033     418  
Estimated Interest Element in Lease Rentals     5,700    
6,800
     7,200     7,600      6,400     6,400     1,600  
Total Fixed Charges
  
$
178,067
   $ 225,573   $ 215,640   $ 217,500    $  217,280   $  215,424   $  53,325  
                                             
Ratio of Earnings to Fixed Charges
    
2.09
     1.73     1.93     1.96     2.16     2.44     3.37