EX-12 6 ex12opco20151q.htm COMPUTATION OF RATIOS - OPCO ex12 opco 2015 1Q


EXHIBIT 12
 
 
OHIO 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
 
$
842,922

 
$
678,690

 
$
487,817

 
$
635,650

 
$
348,629

 
$
355,057

 
$
101,254

Fixed Charges (as below)
 
269,886

 
248,026

 
245,446

 
215,548

 
136,127

 
135,955

 
34,657

Total Earnings
 
$
1,112,808

 
$
926,716

 
$
733,263

 
$
851,198

 
$
484,756

 
$
491,012

 
$
135,911

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
242,000

 
$
221,976

 
$
213,100

 
$
182,046

 
$
128,291

 
$
127,733

 
$
32,449

Credit for Allowance for Borrowed Funds
   Used During Construction
 
3,786

 
2,350

 
9,046

 
10,102

 
4,436

 
4,822

 
1,358

Estimated Interest Element in Lease Rentals
 
24,100

 
23,700

 
23,300

 
23,400

 
3,400

 
3,400

 
850

Total Fixed Charges
 
$
269,886

 
$
248,026

 
$
245,446

 
$
215,548

 
$
136,127

 
$
135,955

 
$
34,657

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.12

 
3.73

 
2.98

 
3.94

 
3.56

 
3.61

 
3.92