EX-12 3 x12opco.htm COMPUTATION OF RATIOS 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 
  
   
2001 
  
2002 
  
2003 
  
2004 
  
2005 
  
3/31/2006 
  
EARNINGS
                                      
Income Before Income Taxes
  
$
264,786
  
$
351,614
  
$
389,430
  
$
306,226
  
$
375,397
  
$
365,182
  
Fixed Charges (as below)
    
149,492
    
121,573
    
126,168
    
130,599
    
125,551
    
128,349
  
Total Earnings
  
$
414,278
  
$
473,187
  
$
515,598
  
$
436,825
  
$
500,948
  
$
493,531
  
                                       
FIXED CHARGES
                                      
Interest Expense
  
$
93,603
  
$
83,682
  
$
106,464
  
$
118,685
  
$
103,352
  
$
100,603
  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
7,689
    
6,691
    
3,904
    
4,814
    
16,399
    
21,946
  
Estimated Interest Element in Lease Rentals
    
48,200
    
31,200
    
15,800
    
7,100
    
5,800
    
5,800
  
Total Fixed Charges
  
$
149,492
  
$
121,573
  
$
126,168
  
$
130,599
  
$
125,551
  
$
128,349
  
                                       
Ratio of Earnings to Fixed Charges
    
2.77
    
3.89
    
4.08
    
3.34
    
3.98
    
3.84