EX-12 5 ex12apco20152q.htm COMPUTATION OF RATIOS - APCO ex12 apco 2015 2Q


EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Six
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
6/30/2015
 
6/30/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
210,898

 
$
252,618

 
$
423,030

 
$
326,146

 
$
370,343

 
$
471,126

 
$
328,706

Fixed Charges (as below)
 
217,500

 
217,280

 
210,421

 
201,704

 
220,480

 
216,631

 
106,092

Total Earnings
 
$
428,398

 
$
469,898

 
$
633,451

 
$
527,850

 
$
590,823

 
$
687,757

 
$
434,798

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
207,649

 
$
204,623

 
$
202,074

 
$
192,982

 
$
209,570

 
$
203,743

 
$
98,975

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

 
6,257

 
1,347

 
1,522

 
3,810

 
5,788

 
3,567

Estimated Interest Element in Lease Rentals
 
7,600

 
6,400

 
7,000

 
7,200

 
7,100

 
7,100

 
3,550

Total Fixed Charges
 
$
217,500

 
$
217,280

 
$
210,421

 
$
201,704

 
$
220,480

 
$
216,631

 
$
106,092

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.96

 
2.16

 
3.01

 
2.61

 
2.67

 
3.17

 
4.09