EX-12 5 ex12im20151q.htm COMPUTATION OF RATIOS - I&M ex12 im 2015 1Q


EXHIBIT 12
 
 
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Three
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
3/31/2015
 
3/31/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
189,517

 
$
201,434

 
$
157,801

 
$
252,615

 
$
235,268

 
$
217,308

 
$
107,444

Fixed Charges (as below)
 
174,965

 
168,003

 
168,656

 
167,362

 
158,990

 
156,108

 
38,884

Total Earnings
 
$
364,482

 
$
369,437

 
$
326,457

 
$
419,977

 
$
394,258

 
$
373,416

 
$
146,328

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
104,465

 
$
97,665

 
$
102,739

 
$
97,710

 
$
93,475

 
$
90,619

 
$
22,777

Credit for Allowance for Borrowed Funds
   Used During Construction
 
8,500

 
7,838

 
4,717

 
9,752

 
8,015

 
7,989

 
1,732

Estimated Interest Element in Lease Rentals
 
62,000

 
62,500

 
61,200

 
59,900

 
57,500

 
57,500

 
14,375

Total Fixed Charges
 
$
174,965

 
$
168,003

 
$
168,656

 
$
167,362

 
$
158,990

 
$
156,108

 
$
38,884

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.08

 
2.19

 
1.93

 
2.50

 
2.47

 
2.39

 
3.76