EX-12 3 ex12apco1q.htm COMPUTATION OF RATIOS - APCO Unassociated Document
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
                Twelve    Three  
               Months    Months  
   
Years Ended December 31,
    Ended    Ended  
     
 2009
  
2010
   2011      2012   2013    3/31/2014   3/31/2014  
EARNINGS
                                            
Income Before Income Taxes
   $ 201,263   $ 210,898   $ 252,618   $  423,030   $  326,146   $  376,685   $  168,099  
Fixed Charges (as below)     215,640     217,500     217,280     210,421     201,704     205,188     54,170  
Total Earnings
   $ 416,903   $ 428,398   $ 469,898   $  633,451   $  527,850   $  581,873   $  222,269  
                                             
FIXED CHARGES
                                            
Interest Expense
   $ 202,426   $ 207,649   $ 204,623   $  202,074   $  192,982   $  196,450   $  51,672  
Credit for Allowance for Borrowed Funds Used
   During Construction
     6,014     2,251     6,257     1,347      1,522     1,538     698  
Estimated Interest Element in Lease Rentals    
7,200
     7,600     6,400     7,000      7,200     7,200     1,800  
Total Fixed Charges   $  215,640    $  217,500    $  217,280    $   210,421    $    201,704    $   205,188   $   54,170  
                                             
Ratio of Earnings to Fixed Charges
     1.93     1.96     2.16     3.01      2.61     2.83     4.10