EX-12 6 ex12opco2q.htm COMPUTATION OF RATIOS - OPCO ex12opco2q


EXHIBIT 12
 
 
OHIO POWER COMPANY AND SUBSIDIARY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Six
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2009
 
2010
 
2011
 
2012
 
2013
 
6/30/2014
 
6/30/2014
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
890,471

 
$
842,922

 
$
678,690

 
$
487,817

 
$
635,650

 
$
590,851

 
$
187,203

Fixed Charges (as below)
 
283,540

 
269,886

 
248,026

 
245,446

 
215,548

 
180,886

 
79,427

Total Earnings
 
$
1,174,011

 
$
1,112,808

 
$
926,716

 
$
733,263

 
$
851,198

 
$
771,737

 
$
266,630

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
241,134

 
$
242,000

 
$
221,976

 
$
213,100

 
$
182,046

 
$
150,395

 
$
65,766

Credit for Allowance for Borrowed Funds
   Used During Construction
 
16,506

 
3,786

 
2,350

 
9,046

 
10,102

 
7,091

 
1,961

Estimated Interest Element in Lease Rentals
 
25,900

 
24,100

 
23,700

 
23,300

 
23,400

 
23,400

 
11,700

Total Fixed Charges
 
$
283,540

 
$
269,886

 
$
248,026

 
$
245,446

 
$
215,548

 
$
180,886

 
$
79,427

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.14

 
4.12

 
3.73

 
2.98

 
3.94

 
4.26

 
3.35