EX-12 4 ex12im1q.htm COMPUTATION OF RATIOS - I&M Unassociated Document
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  
     
2009
     2010    2011     2012     2013   3/31/2014   3/31/2014  
EARNINGS
                                            
Income Before Income Taxes
  
$
 297,347   $ 189,517   $ 201,434   $ 157,801   $ 252,615   $  313,299   $  125,404  
Fixed Charges (as below)
     173,293     174,965     168,003     168,656     167,362     167,908     42,366  
Total Earnings
   $ 470,640   $ 364,482   $ 369,437   $ 326,457   $ 419,977   $  481,207   $  167,770  
                                             
FIXED CHARGES
                                            
Interest Expense
   $ 101,145   $ 104,465   $ 97,665   $ 102,739   $ 97,710   $  99,132   $  25,633  
Credit for Allowance for Borrowed Funds Used
   During Construction
     8,348     8,500     7,838     4,717     9,752     8,876     1,758  
Estimated Interest Element in Lease Rentals     63,800     62,000     62,500     61,200     59,900     59,900     14,975  
Total Fixed Charges
   $ 173,293   $ 174,965   $ 168,003   $ 168,656   $  167,362   $  167,908   $  42,366  
                                             
Ratio of Earnings to Fixed Charges
     2.71     2.08     2.19     1.93     2.50     2.86     3.96