EX-12 3 apcex12.txt EXHIBIT 12 EXHIBIT 12 APPALACHIAN POWER COMPANY Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data)
Twelve Months Year Ended December 31, Ended ----------------------------------------------- 1997 1998 1999 2000 2001 9/30/02 ---- ---- ---- ---- ---- ------- Fixed Charges: Interest on First Mortgage Bonds $ 81,009 $ 72,057 $ 65,697 $ 56,003 $ 48,441 $ 46,029 Interest on Other Long-term Debt 28,163 40,642 50,712 59,559 61,045 64,558 Interest on Short-term Debt 4,569 4,245 5,959 8,847 10,722 6,590 Miscellaneous Interest Charges 6,857 11,470 8,212 26,284 4,285 3,597 Estimated Interest Element in Lease Rentals 6,000 5,900 6,100 6,300 5,800 5,800 -------- -------- -------- -------- -------- -------- Total Fixed Charges $126,598 $134,314 $136,680 $156,993 $130,293 $126,574 ======== ======== ======== ======== ======== ======== Earnings: Income Before Extraordinary Item $120,514 $ 93,330 $120,492 $ 64,906 $161,818 $189,191 Plus Federal Income Taxes 54,835 43,941 70,950 117,872 81,934 95,895 Plus State Income Taxes 8,109 6,845 5,085 15,307 14,789 15,941 Plus Fixed Charges (as above) 126,598 134,314 136,680 156,993 130,293 126,574 -------- -------- -------- -------- -------- -------- Total Earnings $310,056 $278,430 $333,207 $355,078 $388,834 $427,601 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.44 2.07 2.43 2.26 2.98 3.37 ==== ==== ==== ==== ==== ====