EX-12 7 ex12opco20152q.htm COMPUTATION OF RATIOS - OPCO ex12 opco 2015 2Q


EXHIBIT 12
 
 
OHIO 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
 
$
842,922

 
$
678,690

 
$
487,817

 
$
635,650

 
$
348,629

 
$
336,645

 
$
175,219

Fixed Charges (as below)
 
269,886

 
248,026

 
245,446

 
215,548

 
136,127

 
134,743

 
68,043

Total Earnings
 
$
1,112,808

 
$
926,716

 
$
733,263

 
$
851,198

 
$
484,756

 
$
471,388

 
$
243,262

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
242,000

 
$
221,976

 
$
213,100

 
$
182,046

 
$
128,291

 
$
126,245

 
$
63,720

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

 
2,350

 
9,046

 
10,102

 
4,436

 
5,098

 
2,623

Estimated Interest Element in Lease Rentals
 
24,100

 
23,700

 
23,300

 
23,400

 
3,400

 
3,400

 
1,700

Total Fixed Charges
 
269,886

 
$
248,026

 
$
245,446

 
$
215,548

 
$
136,127

 
$
134,743

 
$
68,043

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.12

 
3.73

 
2.98

 
3.94

 
3.56

 
3.49

 
3.57