EX-12 3 apcoex12.txt EXHIBIT 12
EXHIBIT 12 APPALACHIAN POWER COMPANY Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data) Twelve Year Ended December 31, Months ----------------------------------------------- Ended 1998 1999 2000 2001 2002 6/30/03 ---- ---- ---- ---- ---- ------- Fixed Charges: Interest on First Mortgage Bonds $ 72,057 $ 65,697 $ 56,003 $ 48,441 $ 43,743 $ 38,377 Interest on Other Long-term Debt 40,642 50,712 59,559 61,045 67,212 78,118 Interest on Short-term Debt 4,245 5,959 8,847 10,722 4,890 1,588 Miscellaneous Interest Charges 11,470 8,212 26,284 4,285 6,453 9,899 Estimated Interest Element in Lease Rentals 5,900 6,100 6,300 5,800 4,500 4,500 -------- -------- -------- -------- -------- -------- Total Fixed Charges $134,314 $136,680 $156,993 $130,293 $126,798 $132,482 ======== ======== ======== ======== ======== ======== Earnings: Income Before Extraordinary Item and Cumulative Effect of Accounting Change $ 93,330 $120,492 $ 64,906 $161,818 $205,492 $197,332 Plus Federal Income Taxes 43,941 70,950 117,872 81,934 100,974 103,410 Plus State Income Taxes 6,845 5,085 15,307 14,789 9,952 667 Plus Fixed Charges (as above) 134,314 136,680 156,993 130,293 126,798 132,482 -------- -------- -------- -------- -------- -------- Total Earnings $278,430 $333,207 $355,078 $388,834 $443,216 $433,891 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.07 2.43 2.26 2.98 3.49 3.27 ==== ==== ==== ==== ==== ====