EX-12 4 apcoex12.htm EXHIBIT 12 Unassociated Document

 
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated 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
  
$
56,003
  
$
48,441
  
$
43,743
  
$
30,746
  
$
21,885
  
$
19,698
  
  Interest on Other Long-term Debt
    
59,559
    
61,045
    
67,212
    
81,452
    
74,426
    
76,296
  
  Interest on Short-term Debt
    
8,847
    
10,722
    
4,890
    
590
    
1,820
    
1,882
  
  Miscellaneous Interest Charges
    
26,284
    
4,285
    
6,453
    
7,732
    
8,916
    
8,262
  
  Estimated Interest Element in Lease Rentals
    
6,300
    
5,800
    
4,500
    
3,200
    
3,500
    
3,500
  
                                       
     Total Fixed Charges
  
$
156,993
  
$
130,293
  
$
126,798
  
$
123,720
  
$
110,547
  
$
109,638
  
                                       
EARNINGS
                                      
  Income Before Extraordinary Item and
    Cumulative Effect of Accounting Change
 
$
 64,906   $ 161,818   $ 205,492   $ 202,783   $ 153,115   $ 134,451  
  Plus Federal Income Taxes
    
117,872
    
81,934
    
100,974
    
103,492
    
74,912
    
61,578
  
  Plus State Income Tax Expenses
   
15,307
    
14,789
    
9,952
    
1,728
    
10,198
    
7,813
  
  Plus Fixed Charges (as above)
    
156,993
    
130,293
    
126,798
    
123,720
    
110,547
    
109,638
  
                                       
     Total Earnings
  
$
355,078
  
$
388,834
  
$
443,216
  
$
431,723
  
$
348,772
  
$
313,480
  
                                       
Ratio of Earnings to Fixed Charges
    
2.26
    
2.98
    
3.49
    
3.48
    
3.15
    
2.85