EX-12 5 ex12opco1q.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     Three  
                             Months      Months  
     Years Ended December 31,     Ended     Ended  
   
2009
   2010     2011    2012   2013      3/31/2014     3/31/2014  
EARNINGS
                                           
Income Before Income Taxes
  
$
 890,471   $ 842,922   $ 678,690   $ 487,817   $ 635,650   $ 530,906   $ 94,826  
Fixed Charges (as below)
     283,540     269,886     248,026      245,446     215,548     196,678     39,829  
Total Earnings
  
$
 1,174,011   $ 1,112,808   $  926,716   $ 733,263   $ 851,198   $
727,584
   $  134,655  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
 241,134   $ 242,000   $  221,976   $ 213,100   $ 182,046   $ 164,880   $  33,007  
Credit for Allowance for Borrowed Funds
   Used During Construction
     16,506     3,786      2,350     9,046     10,102     8,398      972  
Estimated Interest Element in Lease Rentals     25,900     24,100      23,700      23,300     23,400      23,400      5,850  
Total Fixed Charges
  
$
 283,540   $ 269,886   $  248,026   $  245,446   $ 215,548   $  196,678   $  39,829  
                                             
Ratio of Earnings to Fixed Charges
     4.14     4.12     3.73      2.98     3.94     3.69     3.38