EX-12 4 ex12apco3q.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    Nine  
         Months    Months  
   
Years Ended December 31,
    Ended    Ended  
   
2007
    
 2008
  
2009
   2010      2011    9/30/2012    9/30/2012  
EARNINGS
                                           
Income Before Income Taxes
  
$
195,613
   $ 166,801   $ 201,263   $ 210,898    $  252,618   $  378,143   $  321,211  
Fixed Charges (as below)     178,067     225,573     215,640     217,500      217,280     210,977     159,023  
Total Earnings
  
$
373,680
   $ 392,374   $ 416,903   $ 428,398    $  469,898   $  589,120   $  480,234  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
165,405
   $ 209,733   $ 202,426   $ 207,649    $  204,623   $  200,623   $  153,323  
Credit for Allowance for Borrowed Funds Used
   During Construction
     6,962     9,040     6,014     2,251      6,257     3,954     900  
Estimated Interest Element in Lease Rentals     5,700    
6,800
     7,200     7,600      6,400     6,400     4,800  
Total Fixed Charges
  
$
178,067
   $ 225,573   $ 215,640   $ 217,500    $  217,280   $  210,977   $  159,023  
                                             
Ratio of Earnings to Fixed Charges
    
2.09
     1.73     1.93     1.96     2.16     2.79     3.01