EX-12 3 ex12aep2q.htm COMPUTATION OF RATIOS - AEP ex12aep2q


EXHIBIT 12
 
 
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in millions except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Six
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2009
 
2010
 
2011
 
2012
 
2013
 
6/30/2014
 
6/30/2014
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Tax Expense and Equity Earnings
 
$
1,938

 
$
1,849

 
$
2,367

 
$
1,822

 
$
2,110

 
$
2,605

 
$
1,433

Fixed Charges (as below)
 
1,237

 
1,254

 
1,209

 
1,257

 
1,136

 
1,119

 
557

Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
 
(4
)
 
(4
)
 
(8
)
 
—

 
—

 
—

 
—

Total Earnings
 
$
3,171

 
$
3,099

 
$
3,568

 
$
3,079

 
$
3,246

 
$
3,724

 
$
1,990

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
973

 
$
999

 
$
933

 
$
988

 
$
906

 
$
887

 
$
441

Credit for Allowance for Borrowed Funds Used
   During Construction
 
67

 
53

 
63

 
69

 
40

 
42

 
21

Estimated Interest Element in Lease Rentals
 
193

 
198

 
205

 
200

 
190

 
190

 
95

Preferred Security Dividend Requirements of
   Consolidated Subsidiaries
 
4

 
4

 
8

 
—

 
—

 
—

 
—

Total Fixed Charges
 
$
1,237

 
$
1,254

 
$
1,209

 
$
1,257

 
$
1,136

 
$
1,119

 
$
557

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.56

 
2.47

 
2.95

 
2.44

 
2.85

 
3.32

 
3.57