EX-12 15 ex12apco4q.htm COMPUTATION OF RATIOS - APCO Unassociated Document
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
    Years Ended December 31,  
     
 2008
  
2009
   2010      2011   2012  
EARNINGS
                                
Income Before Income Taxes
   $ 166,801   $ 201,263   $ 210,898    $  252,618   $  423,030  
Fixed Charges (as below)     225,573     215,640     217,500      217,280     210,421  
Total Earnings
   $ 392,374   $ 416,903   $ 428,398    $  469,898   $  633,451  
                                 
FIXED CHARGES
                                
Interest Expense
   $ 209,733   $ 202,426   $ 207,649    $  204,623   $  202,074  
Credit for Allowance for Borrowed Funds Used
   During Construction
     9,040     6,014     2,251      6,257     1,347  
Estimated Interest Element in Lease Rentals    
6,800
     7,200     7,600      6,400     7,000  
Total Fixed Charges
   $ 225,573   $ 215,640   $ 217,500    $  217,280   $  210,421  
                                 
Ratio of Earnings to Fixed Charges
     1.73     1.93     1.96     2.16     3.01