EX-12 13 ex12swepco4q.htm COMPUTATION OF RATIOS - SWEPCO ex12swepco4q


EXHIBIT 12 

 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED
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 and Equity Earnings
 
$
208,484

 
$
219,283

 
$
245,862

 
$
220,957

 
$
208,761

Fixed Charges (as below)
 
132,106

 
134,285

 
147,817

 
144,844

 
142,276

Total Earnings
 
$
340,590

 
$
353,568

 
$
393,679

 
$
365,801

 
$
351,037

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
86,538

 
$
81,781

 
$
88,318

 
$
130,282

 
$
126,127

Credit for Allowance for Borrowed Funds Used During Construction
 
33,668

 
40,904

 
48,499

 
4,262

 
6,949

Estimated Interest Element in Lease Rentals
 
11,900

 
11,600

 
11,000

 
10,300

 
9,200

Total Fixed Charges
 
$
132,106

 
$
134,285

 
$
147,817

 
$
144,844

 
$
142,276

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.57

 
2.63

 
2.66

 
2.52

 
2.46