EX-12 7 x12opco.htm COMPUTATION OF RATIOS English Agreement
 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
 
   
Year Ended December 31,
  
   
2001
  
2002
  
2003
  
2004
  
2005
  
EARNINGS
                           
Income Before Income Taxes
  
$
264,786
  
$
351,614
  
$
389,430
  
$
306,226
  
$
375,397
  
Fixed Charges (as below)
    
149,492
    
121,573
    
126,168
    
130,599
    
125,551
  
Total Earnings
  
$
414,278
  
$
473,187
  
$
515,598
  
$
436,825
  
$
500,948
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
93,603
  
$
83,682
  
$
106,464
  
$
118,685
  
$
103,352
  
Credit for Allowance for Borrowed Funds Used
   During Construction
     7,689     6,691     3,904     4,814     16,399  
Estimated Interest Element in Lease Rentals     48,200     31,200     15,800     7,100     5,800  
Total Fixed Charges
  
$
149,492
  
$
121,573
  
$
126,168
  
$
130,599
  
$
125,551
  
                                 
Ratio of Earnings to Fixed Charges
    
2.77
    
3.89
    
4.08
    
3.34
    
3.98