EX-12 20 ex12swepco4q.htm COMPUTATION OF RATIOS - SWEPCO Unassociated Document
EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED 
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
Years Ended December 31,
  
   
2007
  
2008
    
2009
    2010     2011  
 EARNINGS
                              
Income Before Income Taxes and Equity Earnings 
  
$
87,333
  
$
 129,489  
$
140,035
   $
208,484
   $  219,283  
Fixed Charges (as below)     79,435     119,516    
109,146
    
132,106
      134,285  
Total Earnings
  
$
166,768
  
$
 249,005   $ 
249,181
   $
340,590
   $  353,568  
                                 
FIXED CHARGES
                                
Interest Expense
   $ 60,619   $ 93,150   $ 
70,500
   $
86,538
   $  81,781  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
9,795
     19,800    
29,546
    
33,668
     40,904  
Trust Dividends     (179 )   (134 )   
-
    
-
      -  
Estimated Interest Element in Lease Rentals     9,200     6,700    
9,100
    
11,900
      11,600  
Total Fixed Charges
  
$
79,435
  
$
 119,516   $ 
109,146
   $
132,106
   $  134,285  
                                 
Ratio of Earnings to Fixed Charges
    
2.09
     2.08    
2.28
    
2.57
      2.63