EX-12 9 ex12swepco20152q.htm COMPUTATION OF RATIOS - SWEPCO ex12 swepco 2015 2Q


EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED
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 and Equity Earnings
 
$
208,484

 
$
219,283

 
$
245,862

 
$
220,957

 
$
208,761

 
$
276,993

 
$
152,501

Fixed Charges (as below)
 
132,106

 
134,285

 
147,817

 
144,844

 
142,276

 
144,665

 
73,185

Total Earnings
 
$
340,590

 
$
353,568

 
$
393,679

 
$
365,801

 
$
351,037

 
$
421,658

 
$
225,686

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
86,538

 
$
81,781

 
$
88,318

 
$
130,282

 
$
126,127

 
$
124,673

 
$
62,160

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

 
40,904

 
48,499

 
4,262

 
6,949

 
10,792

 
6,425

Estimated Interest Element in Lease Rentals
 
11,900

 
11,600

 
11,000

 
10,300

 
9,200

 
9,200

 
4,600

Total Fixed Charges
 
$
132,106

 
$
134,285

 
$
147,817

 
$
144,844

 
$
142,276

 
$
144,665

 
$
73,185

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.57

 
2.63

 
2.66

 
2.52

 
2.46

 
2.91

 
3.08