EX-12 3 ex12apco3q.htm COMPUTATION OF RATIOS Unassociated Document
EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
       
Twelve
  
Nine
  
       
Months
  
Months
  
   
Year Ended December 31,
  
Ended
  
Ended
  
   
2004
  
2005
  
2006
  
2007
    
 2008
  
9/30/2009
  
9/30/2009
  
EARNINGS
                                        
Income Before Income Taxes
  
$
238,226
  
$
202,021
  
$
282,865
  
$
195,613
   $ 166,801   $ 191,855   $ 193,172  
Fixed Charges (as below)     110,735     118,365     151,874     178,067     225,573     238,738     163,312  
Total Earnings
  
$
348,961
  
$
320,386
  
$
434,739
  
$
373,680
   $ 392,374   $ 430,593   $ 356,484  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
99,135
  
$
106,301
  
$
129,106
  
$
165,405
   $ 209,733   $ 224,233   $ 153,144  
Credit for Allowance for Borrowed Funds Used
   During Construction
     8,100     8,764     17,668     6,962     9,040     7,705     5,068  
Estimated Interest Element in Lease Rentals     3,500     3,300     5,100     5,700    
6,800
     6,800     5,100  
Total Fixed Charges
  
$
110,735
  
$
118,365
  
$
151,874
  
$
178,067
   $ 225,573   $ 238,738   $ 163,312  
                                             
Ratio of Earnings to Fixed Charges
    
3.15
    
2.70
    
2.86
    
2.09
     1.73     1.80     2.18