EX-12 15 ex12aep4q.htm COMPUTATION OF RATIOS - AEP Unassociated Document
EXHIBIT 12
 
 
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIAIRIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in millions except ratio data)
 
   
Years Ended December 31,
  
   
2007
  
2008
  
2009
    2010      2011  
EARNINGS
                              
Income Before Income Tax Expense and Equity Earnings
  
$
1,663
  
$
2,015
  
$
1,938
  
$
1,849
   $ 
2,367
  
Fixed Charges (as below)
    
1,146
    
1,240
    
1,237
    
1,254
    
1,209
  
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      (4 )     (4 )     (4 )    (4 )   
(8
 ) 
Total Earnings
  
$
2,805
  
$
3,251
   $
3,171
  
$
3,099
   $ 
3,568
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
838
  
$
957
   $ 973  
$
 999   $  933  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
79
    
75
     67     53     63  
Estimated Interest Element in Lease Rentals     225     204     193     198     205  
Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
      4      4      4      4     8  
Total Fixed Charges
  
$
1,146
  
$
1,240
   $
1,237
  
$
1,254
   $  1,209  
                                 
Ratio of Earnings to Fixed Charges
    
2.44
    
2.62
    
2.56
    
2.47
     2.95