EX-12 14 ex12aep4q.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)
 
   
Years Ended December 31,
  
   
2009
  
2010
    2011      2012     2013  
EARNINGS
                               
Income Before Income Tax Expense and Equity Earnings
  
$
1,938
  
$
1,849
  
$
2,367
   $ 
1,822
   $  2,110   
Fixed Charges (as below)
    
1,237
    
1,254
    
1,209
    
1,257
     1,136   
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      (4 )     (4 )    (8 )   
-
     -   
Total Earnings
  
$
3,171
   $
3,099
  
$
3,568
   $ 
3,079
   $  3,246   
                                 
FIXED CHARGES
                                
Interest Expense
  
$
973
   $ 999  
$
 933   $  988   $  906   
Credit for Allowance for Borrowed Funds Used
   During Construction
    
67
     53     63     69     40   
Estimated Interest Element in Lease Rentals     193     198     205     200     190   
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      4      4     8     -     -   
Total Fixed Charges
  
$
1,237
   $
1,254
  
$
1,209
   $  1,257   $  1,136   
                                 
Ratio of Earnings to Fixed Charges
    
2.56
    
2.47
    
2.95
     2.44     2.85