EX-12 11 ex12opco4q.htm COMPUTATION OF RATIOS - OPCO ex12opco4q


EXHIBIT 12
 
 
OHIO 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
 
$
842,922

 
$
678,690

 
$
487,817

 
$
635,650

 
$
348,629

Fixed Charges (as below)
 
269,886

 
248,026

 
245,446

 
215,548

 
136,127

Total Earnings
 
$
1,112,808

 
$
926,716

 
$
733,263

 
$
851,198

 
$
484,756

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
242,000

 
$
221,976

 
$
213,100

 
$
182,046

 
$
128,291

Credit for Allowance for Borrowed Funds
   Used During Construction
 
3,786

 
2,350

 
9,046

 
10,102

 
4,436

Estimated Interest Element in Lease Rentals
 
24,100

 
23,700

 
23,300

 
23,400

 
3,400

Total Fixed Charges
 
$
269,886

 
$
248,026

 
$
245,446

 
$
215,548

 
$
136,127

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.12

 
3.73

 
2.98

 
3.94

 
3.56