EX-12 6 ex12opco2q.htm COMPUTATION OF RATIOS - OPCO Unassociated Document
 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
                          Twelve     Six  
                           Months      Months  
     Years Ended December 31,     Ended     Ended  
   
2007
  
2008
   2009     2010    2011      6/30/2012      6/30/2012  
EARNINGS
                                          
Income Before Income Taxes
  
$
804,622
  
$
 693,946   $ 890,471   $ 842,922   $ 678,690   $ 590,192   $  382,965  
Fixed Charges (as below)
    
260,794
     318,684     283,540     269,886      248,026     244,488     124,204  
Total Earnings
  
$
1,065,416
  
$
 1,012,630   $ 1,174,011   $  1,112,808   $ 926,716   $
834,680
   $  507,169  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
196,978
  
$
 265,938   $ 241,134   $  242,000   $ 221,976   $ 215,733   $  107,408  
Credit for Allowance for Borrowed Funds
   Used During Construction
     43,916     27,946     16,506      3,786     2,350     5,055      4,946  
Estimated Interest Element in Lease Rentals     19,900     24,800     25,900      24,100      23,700      23,700      11,850  
Total Fixed Charges
  
$
 260,794  
$
 318,684   $ 283,540   $  269,886   $  248,026   $  244,488   $  124,204  
                                             
Ratio of Earnings to Fixed Charges
    
4.08
     3.17     4.14     4.12      3.73      3.41      4.08