EX-12 3 ex12apco3q.htm COMPUTATION OF RATIOS - APCO ex12apco3q


EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Nine
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2009
 
2010
 
2011
 
2012
 
2013
 
9/30/2014
 
9/30/2014
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
201,263

 
$
210,898

 
$
252,618

 
$
423,030

 
$
326,146

 
$
362,646

 
$
308,089

Fixed Charges (as below)
 
215,640

 
217,500

 
217,280

 
210,421

 
201,704

 
216,250

 
165,414

Total Earnings
 
$
416,903

 
$
428,398

 
$
469,898

 
$
633,451

 
$
527,850

 
$
578,896

 
$
473,503

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
202,426

 
$
207,649

 
$
204,623

 
$
202,074

 
$
192,982

 
$
206,815

 
$
157,540

Credit for Allowance for Borrowed Funds
   Used During Construction
 
6,014

 
2,251

 
6,257

 
1,347

 
1,522

 
2,235

 
2,474

Estimated Interest Element in Lease Rentals
 
7,200

 
7,600

 
6,400

 
7,000

 
7,200

 
7,200

 
5,400

Total Fixed Charges
 
$
215,640

 
$
217,500

 
$
217,280

 
$
210,421

 
$
201,704

 
$
216,250

 
$
165,414

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.93

 
1.96

 
2.16

 
3.01

 
2.61

 
2.67

 
2.86