EX-12 4 x12swepco.htm COMPUTATION OF RATIOS Unassociated Document
EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC 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, Minority
   Interest Expense and Equity Earnings
  
$
132,025
  
$
118,460
  
$
142,199
  
$
127,417
  
$
114,341
  
$
123,771
  
Fixed Charges (as below)
    
60,503
    
60,529
    
67,012
    
58,094
    
55,808
  
 
56,224
  
Total Earnings
  
$
192,528
  
$
178,989
  
$
209,211
  
$
185,511
  
$
170,149
   $ 179,995  
                                       
FIXED CHARGES
                                
 
 
  
Interest Expense
  
$
57,581
  
$
59,168
  
$
64,105
  
$
54,261
  
$
50,089
   $
50,080
  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
2,163
    
549
    
608
    
312
    
1,198
    
1,623
  
Trust Dividends
    
-
    
(268
)
  
(201
)
  
(179
)
  
(179
 )    (179 )
Estimated Interest Element in Lease Rentals
    
759
    
1,080
    
2,500
    
3,700
    
4,700
     4,700  
Total Fixed Charges
  
$
60,503
  
$
60,529
  
$
67,012
  
$
58,094
  
$
55,808
  
$
56,224
  
                                       
Ratio of Earnings to Fixed Charges
    
3.18
    
2.95
    
3.12
    
3.19
    
3.04
    
3.20