EX-12 10 ex12im4q.htm COMPUTATION OF RATIOS - I&M ex12im4q


EXHIBIT 12
 
 
INDIANA MICHIGAN 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
 
$
189,517

 
$
201,434

 
$
157,801

 
$
252,615

 
$
235,268

Fixed Charges (as below)
 
174,965

 
168,003

 
168,656

 
167,362

 
158,990

Total Earnings
 
$
364,482

 
$
369,437

 
$
326,457

 
$
419,977

 
$
394,258

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
104,465

 
$
97,665

 
$
102,739

 
$
97,710

 
$
93,475

Credit for Allowance for Borrowed Funds
   Used During Construction
 
8,500

 
7,838

 
4,717

 
9,752

 
8,015

Estimated Interest Element in Lease Rentals
 
62,000

 
62,500

 
61,200

 
59,900

 
57,500

Total Fixed Charges
 
$
174,965

 
$
168,003

 
$
168,656

 
$
167,362

 
$
158,990

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.08

 
2.19

 
1.93

 
2.50

 
2.47