EX-12 3 ex12opco2q.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) 
 
       
Twelve 
   Six   
       
Months
   Months  
   
Year Ended December 31,
  
Ended
   Ended  
   
2004
  
2005
  
2006
  
2007
  
2008
   6/30/2009   6/30/2009  
EARNINGS
                                       
Income Before Income Taxes
  
$
308,472
  
$
378,185
  
$
349,758
  
$
419,771
  
$
 347,077   $ 271,828   $ 210,531  
Fixed Charges (as below)
     128,353    
122,763
    
146,226
    
171,171
     209,339     203,355     87,543  
Total Earnings
  
$
436,825
  
$
500,948
  
$
495,984
  
$
590,942
  
$
 556,416   $ 475,183   $ 298,074  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
116,439
  
$
100,564
  
$
94,293
  
$
124,730
  
$
 173,870   $ 172,435   $ 73,922  
Credit for Allowance for Borrowed Funds
   Used During Construction
     4,814     16,399     42,733     36,641     25,269     20,720     8,521  
Estimated Interest Element in Lease Rentals     7,100     5,800     9,200     9,800     10,200     10,200     5,100  
Total Fixed Charges
  
$
128,353
  
$
122,763
  
$
146,226
  
$
 171,171  
$
 209,339   $ 203,355   $ 87,543  
                                             
Ratio of Earnings to Fixed Charges
    
3.40
    
4.08
    
3.39
    
3.45
     2.65     2.33    
3.40