EX-12 7 ex12swepco1q.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)
 
               Twelve    Three  
               Months    Months  
 
 
Years Ended December 31,
    Ended    Ended  
   
2009
    
2010
    2011     2012    2013     3/31/2014     3/31/2014  
 EARNINGS
                                           
Income Before Income Taxes and Equity Earnings 
  
$
 140,035  
$
208,484
   $
219,283
   $  245,862   $ 220,957   $ 238,071   $ 34,817  
Fixed Charges (as below)     109,146    
132,106
    
134,285
     147,817     144,844      143,401      35,688  
Total Earnings
  
$
 249,181   $ 
340,590
   $
353,568
   $  393,679   $ 365,801   $  381,472   $  70,505  
                                             
FIXED CHARGES
                                            
Interest Expense
   $ 70,500   $ 
86,538
   $
81,781
   $  88,318   $ 130,282   $ 128,168   $  31,876  
Credit for Allowance for Borrowed Funds
   Used During Construction
     29,546    
33,668
    
40,904
     48,499     4,262      4,933      1,237  
Estimated Interest Element in Lease Rentals     9,100     11,900     11,600     11,000     10,300     10,300     2,575  
Total Fixed Charges   $ 109,146   $ 132,106   $ 134,285   $ 147,817   $ 144,844   $ 143,401   $ 35,688  
                                             
Ratio of Earnings to Fixed Charges
     2.28    
2.57
    
2.63
      2.66       2.52      2.66     1.97