EX-12 5 ex12opco3q.htm COMPUTATION OF RATIOS - OPCO Unassociated Document
 
EXHIBIT 12
 
 
OHIO POWER COMPANY AND SUBSIDIARY
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
 
$
693,946   $ 890,471   $ 842,922   $ 678,690   $ 487,817   $ 374,808   $  504,044  
Fixed Charges (as below)
    318,684     283,540     269,886      248,026     245,446     227,330     167,156  
Total Earnings
 
$
1,012,630   $ 1,174,011   $  1,112,808   $ 926,716   $ 733,263   $
602,138
  $  671,200  
                                             
FIXED CHARGES
                                           
Interest Expense
 
$
265,938   $ 241,134   $  242,000   $ 221,976   $ 213,100   $ 194,603   $  142,487  
Credit for Allowance for Borrowed Funds
   Used During Construction
    27,946     16,506      3,786     2,350     9,046     9,427      7,194  
Estimated Interest Element in Lease Rentals     24,800     25,900      24,100      23,700     23,300      23,300      17,475  
Total Fixed Charges
 
$
318,684   $ 283,540   $  269,886   $  248,026    $ 245,446   $  227,330   $  167,156  
                                             
Ratio of Earnings to Fixed Charges
    3.17     4.14     4.12      3.73     2.98     2.64     4.01