EX-12 3 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  
     
 2008
  
2009
   2010      2011   2012    9/30/2013   9/30/2013  
EARNINGS
                                            
Income Before Income Taxes
   $ 166,801   $ 201,263   $ 210,898    $  252,618   $  423,030   $  373,408    $  271,589   
Fixed Charges (as below)     225,573     215,640     217,500     217,280     210,421     201,666      150,718   
Total Earnings
   $ 392,374   $ 416,903   $ 428,398    $  469,898   $  633,451   $  575,074    $  422,307   
                                             
FIXED CHARGES
                                            
Interest Expense
   $ 209,733   $ 202,426   $ 207,649    $  204,623   $  202,074   $  192,458    $  143,707   
Credit for Allowance for Borrowed Funds Used
   During Construction
     9,040     6,014     2,251      6,257      1,347     2,208      1,761   
Estimated Interest Element in Lease Rentals    
6,800
     7,200     7,600      6,400      7,000     7,000      5,250   
Total Fixed Charges
   $ 225,573   $ 215,640   $ 217,500    $  217,280   $   210,421   $  201,666    $  150,718   
                                             
Ratio of Earnings to Fixed Charges
     1.73     1.93     1.96     2.16      3.01     2.85      2.80