EX-12 16 ex12im4q.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)
 
    Years Ended December 31,  
     
2008
     2009    2010     2011   2012  
EARNINGS
                                
Income Before Income Taxes
  
$
 190,133   $ 297,347   $ 189,517   $  201,434   $  157,801  
Fixed Charges (as below)
     164,660     173,293     174,965     168,003     168,656  
Total Earnings
   $ 354,793   $ 470,640   $ 364,482   $  369,437     326,457  
                                 
FIXED CHARGES
                                
Interest Expense
   $ 89,851   $ 101,145   $ 104,465   $  97,665     102,739  
Credit for Allowance for Borrowed Funds Used
   During Construction
     4,609     8,348     8,500     7,838     4,717  
Estimated Interest Element in Lease Rentals     70,200     63,800     62,000     62,500     61,200  
Total Fixed Charges
   $ 164,660   $ 173,293   $ 174,965   $  168,003     168,656  
                                 
Ratio of Earnings to Fixed Charges
     2.15     2.71     2.08     2.19     1.93