EX-12 4 ex12aep2q.htm COMPUTATION OF RATIOS - AEP Unassociated Document
EXHIBIT 12
 
 
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIAIRIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in millions except ratio data)
 
              Twelve     Six  
              Months     Months   
   
Years Ended December 31,
   Ended     Ended  
   
2008
  
2009
    2010      2011     2012   6/30/2013   6/30/2013  
EARNINGS
                                           
Income Before Income Tax Expense and Equity Earnings
  
$
2,015
  
$
1,938
  
$
1,849
   $ 
2,367
   $  1,822   $  1,647   $  938  
Fixed Charges (as below)
    
1,240
    
1,237
    
1,254
    
1,209
     1,257     1,237     579  
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      (4 )     (4 )    (4 )   
(8
 )    -     -     -  
Total Earnings
  
$
3,251
   $
3,171
  
$
3,099
   $ 
3,568
   $  3,079   $  2,884   $  1,517  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
957
   $ 973  
$
 999   $  933   $  988   $  984   $  460  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
75
     67     53     63      69     53     19  
Estimated Interest Element in Lease Rentals     204     193     198     205      200     200     100  
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      4      4      4     8      -     -     -  
Total Fixed Charges
  
$
1,240
   $
1,237
  
$
1,254
   $  1,209   $   1,257   $  1,237   $  579  
                                             
Ratio of Earnings to Fixed Charges
    
2.62
    
2.56
    
2.47
     2.95      2.44     2.33     2.62