EX-12 3 ex12opco3q.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
    
Nine
Months Ended
  
   
2002
  
2003
  
2004
  
2005
  
2006
    
9/30/2007
    
9/30/2007
  
EARNINGS
                                       
Income Before Income Taxes
  
$
351,614
  
$
389,430
  
$
306,226
  
$
375,397
  
$
346,967
   $
394,863
   $
344,966
  
Fixed Charges (as below)
     121,573    
126,168
    
130,599
    
125,551
    
149,017
    
172,922
    
132,386
  
Total Earnings
  
$
473,187
  
$
515,598
  
$
436,825
  
$
500,948
  
$
495,984
   $
567,785
   $
477,352
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
83,682
  
$
106,464
  
$
118,685
  
$
103,352
  
$
97,084
   $
120,550
   $
95,927
  
Credit for Allowance for Borrowed Funds
   Used During Construction
     6,691     3,904     4,814     16,399     42,733    
 
43,172
    
29,559
  
Estimated Interest Element in Lease Rentals     31,200     15,800     7,100     5,800     9,200    
9,200
    
6,900
  
Total Fixed Charges
  
$
121,573
  
$
126,168
  
$
130,599
  
$
 125,551  
$
149,017
   $
172,922
   $
132,386
  
                                             
Ratio of Earnings to Fixed Charges
    
3.89
    
4.08
    
3.34
    
3.98
    
3.32
    
3.28
    
3.60