EX-12 8 ex12swepco1q.htm COMPUTATION OF RATIOS - SWEPCO Unassociated Document
EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED 
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 and Equity Earnings 
  
$
87,333
  
$
 129,489  
$
140,035
   $
208,484
   $  219,283   $  224,900   $  48,260  
Fixed Charges (as below)     79,435     119,516    
109,146
    
132,106
      134,285      136,236      36,468  
Total Earnings
  
$
166,768
  
$
 249,005   $ 
249,181
   $
340,590
   $  353,568   $  361,136   $  84,728  
                                             
FIXED CHARGES
                                            
Interest Expense
   $ 60,619   $ 93,150   $ 
70,500
   $
86,538
   $  81,781   $  81,358   $  22,002  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
9,795
     19,800    
29,546
    
33,668
     40,904      43,278      11,566  
Trust Dividends     (179 )   (134 )   
-
    
-
      -      -      -  
Estimated Interest Element in Lease Rentals     9,200     6,700    
9,100
    
11,900
      11,600      11,600      2,900  
Total Fixed Charges
  
$
79,435
  
$
 119,516   $ 
109,146
   $
132,106
   $  134,285   $  136,236   $  36,468  
                                             
Ratio of Earnings to Fixed Charges
    
2.09
     2.08    
2.28
    
2.57
      2.63      2.65      2.32