EX-12 19 ex12swepco4q.htm COMPUTATION OF RATIOS - SWEPCO Unassociated Document
EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED 
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
Years Ended December 31,
  
   
2009
    
2010
    2011     2012     2013  
 EARNINGS
                               
Income Before Income Taxes and Equity Earnings 
  
$
 140,035  
$
208,484
   $
219,283
   $  245,862   $ 220,957   
Fixed Charges (as below)     109,146    
132,106
    
134,285
      147,817     144,844   
Total Earnings
  
$
 249,181   $ 
340,590
   $
353,568
   $  393,679   $ 365,801   
                                 
FIXED CHARGES
                                
Interest Expense
   $ 70,500   $ 
86,538
   $
81,781
   $  88,318   $ 130,282   
Credit for Allowance for Borrowed Funds
   Used During Construction
     29,546    
33,668
    
40,904
     48,499     4,262   
Estimated Interest Element in Lease Rentals     9,100    
11,900
    
11,600
      11,000     10,300   
Total Fixed Charges
  
$
 109,146   $ 
132,106
   $
134,285
   $  147,817   $ 144,844   
                                 
Ratio of Earnings to Fixed Charges
     2.28    
2.57
    
2.63
      2.66     2.52