EX-12 2 ex12opco3q.htm COMPUTATION OF RATIOS Unassociated Document
 
EXHIBIT 12
 
 
OHIO POWER COMPANY CONSOLIDATED
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
        Twelve   Nine   
         Months    Months  
   
Year Ended December 31,
    Ended    Ended  
   
2005
  
2006
  
2007
  
2008
   2009    9/30/2010    9/30/2010  
EARNINGS
                                        
Income Before Income Taxes
  
$
378,185
  
$
349,758
  
$
419,771
  
$
 347,077   $ 475,089   $ 478,714   $ 364,129  
Fixed Charges (as below)
    
122,763
    
146,226
    
171,171
     209,339     174,188     171,274     129,153  
Total Earnings
  
$
500,948
  
$
495,984
  
$
590,942
  
$
 556,416   $ 649,277   $ 649,988   $ 493,282  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
100,564
  
$
94,293
  
$
124,730
  
$
 173,870   $ 152,950   $ 156,479   $ 118,065  
Credit for Allowance for Borrowed Funds
   Used During Construction
     16,399     42,733     36,641     25,269     10,538     4,095     3,063  
Estimated Interest Element in Lease Rentals     5,800     9,200     9,800     10,200     10,700     10,700     8,025  
Total Fixed Charges
  
$
122,763
  
$
146,226
  
$
 171,171  
$
 209,339   $ 174,188   $ 171,274   $ 129,153  
                                             
Ratio of Earnings to Fixed Charges
    
4.08
    
3.39
    
3.45
     2.65     3.72     3.79     3.81