EX-12 5 ex12opco20153q.htm COMPUTATION OF RATIOS - OPCO Exhibit


EXHIBIT 12
 
 
OHIO POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Nine
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
9/30/2015
 
9/30/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
842,922

 
$
678,690

 
$
487,817

 
$
635,650

 
$
348,629

 
$
363,830

 
$
285,329

Fixed Charges (as below)
 
269,886

 
248,026

 
245,446

 
215,548

 
136,127

 
136,178

 
102,691

Total Earnings
 
$
1,112,808

 
$
926,716

 
$
733,263

 
$
851,198

 
$
484,756

 
$
500,008

 
$
388,020

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
242,000

 
$
221,976

 
$
213,100

 
$
182,046

 
$
128,291

 
$
127,667

 
$
96,313

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

 
2,350

 
9,046

 
10,102

 
4,436

 
5,111

 
3,828

Estimated Interest Element in Lease Rentals
 
24,100

 
23,700

 
23,300

 
23,400

 
3,400

 
3,400

 
2,550

Total Fixed Charges
 
269,886

 
$
248,026

 
$
245,446

 
$
215,548

 
$
136,127

 
$
136,178

 
$
102,691

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.12

 
3.73

 
2.98

 
3.94

 
3.56

 
3.67

 
3.77