EX-12 3 kpcoex12.htm EXHIBIT 12 Unassociated Document

 
EXHIBIT 12
 
 
KENTUCKY POWER COMPANY
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
   
Year Ended December 31,
  
Twelve
Months
Ended
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
3/31/05
  
FIXED CHARGES
                                      
  Interest on First Mortgage Bonds
  
$
9,503
  
$
6,178
  
$
2,206
  
$
-
  
$
-
  
$
-
  
  Interest on Other Long-term Debt
    
16,367
    
18,300
    
23,429
    
26,467
    
27,051
    
27,043
  
  Interest on Short-term Debt
    
3,295
    
2,329
    
1,751
    
1,104
    
697
    
648
  
  Miscellaneous Interest Charges
    
2,523
    
1,059
    
1,084
    
1,772
    
1,956
    
2,070
  
  Estimated Interest Element in Lease Rentals
    
1,700
    
1,200
    
1,000
    
600
    
700
    
700
  
                                       
     Total Fixed Charges
  
$
33,388
  
$
29,066
  
$
29,470
  
$
29,943
  
$
30,404
  
$
30,461
  
                                       
EARNINGS
                                      
  Net Income Before Cumulative Effect of
    Accounting Change
  
$
20,763
  
$
21,565
  
$
20,567
  
$
33,464
  
$
25,905
  
$
24,179
  
  Plus Federal Income Taxes
    
17,884
    
9,553
    
9,235
    
9,764
    
8,974
    
7,223
  
  Plus State Income Taxes (Credits)
    
2,457
    
489
    
1,627
    
(89
 )   
(303
)
  
(824
 ) 
  Plus Fixed Charges (as above)
    
33,388
    
29,066
    
29,470
    
29,943
    
30,404
    
30,461
  
                                       
     Total Earnings
  
$
74,492
  
$
60,673
  
$
60,899
  
$
73,082
  
$
64,980
  
$
61,039
  
                                       
Ratio of Earnings to Fixed Charges
    
2.23
    
2.08
    
2.06
    
2.44
    
2.13
    
2.00