EX-12 16 ex12opco4q.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,
  
   
2004
  
2005
  
2006
  
2007
     2008  
EARNINGS
                          
Income Before Income Taxes
  
$
306,226
  
$
375,397
  
$
346,967
  
$
417,149
   $  345,745   
Fixed Charges (as below)
    
130,599
    
125,551
    
149,017
    
173,793
     210,671   
Total Earnings
  
$
436,825
  
$
500,948
  
$
495,984
  
$
590,942
   $  556,416   
                                 
FIXED CHARGES
                                
Interest Expense
  
$
118,685
  
$
103,352
  
$
97,084
  
$
127,352
   $  175,202   
Credit for Allowance for Borrowed Funds
   Used During Construction
     4,814     16,399     42,733     36,641      25,269   
Estimated Interest Element in Lease Rentals     7,100     5,800     9,200     9,800      10,200   
Total Fixed Charges
  
$
130,599
  
$
125,551
  
$
 149,017  
$
173,793
   $  210,671   
                                 
Ratio of Earnings to Fixed Charges
    
3.34
    
3.98
    
3.32
    
3.40
     2.64