EX-12 4 opcoex12.htm EXHIBIT 12 Unassociated Document

 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
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
  
$
22,901
  
$
19,898
  
$
9,421
  
$
6,506
  
$
182
  
$
-
  
  Interest on Other Long-term Debt
    
58,605
    
61,960
    
68,895
    
96,599
    
114,210
    
111,312
  
  Interest on Short-term Debt
    
8,614
    
14,628
    
6,942
    
2,797
    
1,092
    
1,079
  
  Miscellaneous Interest Charges
    
34,417
    
4,806
    
5,115
    
4,469
    
8,012
    
6,604
  
  Estimated Interest Element in
    Lease Rentals
    
51,600
    
48,200
    
31,200
    
15,800
    
7,100
    
7,100
  
                                       
     Total Fixed Charges
  
$
176,137
  
$
149,492
  
$
121,573
  
$
126,171
  
$
130,596
  
$
126,095
  
                                       
EARNINGS
                                      
  Income Before Extraordinary Item and
    Cumulative Effect of Accounting Changes
  
$
102,613
  
$
165,793
  
$
220,023
  
$
251,031
  
$
210,116
  
$
229,435
  
  Plus Federal Income Taxes
    
208,737
    
83,990
    
103,875
    
131,141
    
95,641
    
101,384
  
  Plus State Income Taxes (Credits)
    
(3,058
 )   
15,003
 
  
27,716
    
7,258
    
469
    
(1,204
)
  Plus Fixed Charges (as above)
    
176,137
    
149,492
    
121,573
    
126,171
    
130,596
    
126,095
  
                                       
     Total Earnings
  
$
484,429
  
$
414,278
  
$
473,187
  
$
515,601
  
$
436,822
  
$
455,710
  
                                       
Ratio of Earnings to Fixed Charges
    
2.75
    
2.77
    
3.89
    
4.08
    
3.34
    
3.61