EX-12 8 ex12swepco20154q.htm COMPUTATION OF RATIOS - SWEPCO Exhibit


EXHIBIT 12 

 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in millions except ratio data)
 
 
Years Ended December 31,
 
 
2011
 
2012
 
2013
 
2014
 
2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes and Equity Earnings
 
$
219.3

 
$
245.9

 
$
221.0

 
$
208.7

 
$
276.9

Fixed Charges (as below)
 
134.3

 
147.8

 
144.8

 
142.3

 
143.2

Total Earnings
 
$
353.6

 
$
393.7

 
$
365.8

 
$
351.0

 
$
420.1

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
81.8

 
$
88.3

 
$
130.3

 
$
126.1

 
$
119.9

Credit for Allowance for Borrowed Funds Used During Construction
 
40.9

 
48.5

 
4.2

 
7.0

 
14.8

Estimated Interest Element in Lease Rentals
 
11.6

 
11.0

 
10.3

 
9.2

 
8.5

Total Fixed Charges
 
$
134.3

 
$
147.8

 
$
144.8

 
$
142.3

 
$
143.2

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.63

 
2.66

 
2.52

 
2.46

 
2.93