EX-12 5 ex12im1q.htm COMPUTATION OF RATIOS - I&M Unassociated Document
EXHIBIT 12
 
 
INDIANA MICHIGAN 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
  
$
204,394
  
$
 190,133   $ 297,347   $ 189,517   $  201,434   $  182,270   $  55,534  
Fixed Charges (as below)
    
161,849
     164,660     173,293     174,965     168,003     167,690     42,168  
Total Earnings
  
$
366,243
   $ 354,793   $ 470,640   $ 364,482   $  369,437   $  349,960     97,702  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
80,034
   $ 89,851   $ 101,145   $ 104,465   $  97,665     97,527     25,053  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
5,315
     4,609     8,348     8,500     7,838     7,663     1,490  
Estimated Interest Element in Lease Rentals     76,500     70,200     63,800     62,000     62,500     62,500     15,625  
Total Fixed Charges
  
$
161,849
   $ 164,660   $ 173,293   $ 174,965   $  168,003     167,690     42,168  
                                             
Ratio of Earnings to Fixed Charges
    
2.26
     2.15     2.71     2.08     2.19     2.08     2.31