EX-12 9 ex12apco4q.htm COMPUTATION OF RATIOS - APCO ex12apco4q


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

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
210,898

 
$
252,618

 
$
423,030

 
$
326,146

 
$
370,343

Fixed Charges (as below)
 
217,500

 
217,280

 
210,421

 
201,704

 
220,480

Total Earnings
 
$
428,398

 
$
469,898

 
$
633,451

 
$
527,850

 
$
590,823

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
207,649

 
$
204,623

 
$
202,074

 
$
192,982

 
$
209,570

Credit for Allowance for Borrowed Funds
   Used During Construction
 
2,251

 
6,257

 
1,347

 
1,522

 
3,810

Estimated Interest Element in Lease Rentals
 
7,600

 
6,400

 
7,000

 
7,200

 
7,100

Total Fixed Charges
 
$
217,500

 
$
217,280

 
$
210,421

 
$
201,704

 
$
220,480

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.96

 
2.16

 
3.01

 
2.61

 
2.67