EX-12 4 ex12opco2q.htm COMPUTATION OF RATIOS ex12opco2q.htm
 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
 
       
Twelve 
   Six   
       
Months
   Months  
   
Year Ended December 31,
  
Ended
   Ended  
   
2003
  
2004
  
2005
  
2006
  
2007
   6/30/2008   6/30/2008  
EARNINGS
                                       
Income Before Income Taxes
  
$
389,430
  
$
306,226
  
$
375,397
  
$
346,967
  
$
417,149
   $ 471,854   $ 284,902  
Fixed Charges (as below)
     126,168    
130,599
    
125,551
    
149,017
    
173,793
     180,323     94,205  
Total Earnings
  
$
515,598
  
$
436,825
  
$
500,948
  
$
495,984
  
$
590,942
   $ 652,177   $ 379,107  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
106,464
  
$
118,685
  
$
103,352
  
$
97,084
  
$
127,352
   $ 143,922   $ 76,235  
Credit for Allowance for Borrowed Funds
   Used During Construction
     3,904     4,814     16,399     42,733     36,641      26,601     13,070  
Estimated Interest Element in Lease Rentals     15,800     7,100     5,800     9,200     9,800      9,800     4,900  
Total Fixed Charges
  
$
126,168
  
$
130,599
  
$
125,551
  
$
 149,017  
$
173,793
   $ 180,323   $ 94,205  
                                             
Ratio of Earnings to Fixed Charges
    
4.08
    
3.34
    
3.98
    
3.32
    
3.40
     3.61    
 4.02