EX-12 2 ex12opco2q.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   Six   
               Months    Months  
   
Years Ended December 31,
    Ended    Ended  
   
2006
  
2007
  
2008
   2009     2010    6/30/2011    6/30/2011  
EARNINGS
                                         
Income Before Income Taxes
  
$
349,758
  
$
419,771
  
$
 347,077   $ 475,089   $ 480,850   $  546,378   $  270,753  
Fixed Charges (as below)
    
146,226
    
171,171
     209,339     174,188     167,682      161,503      80,047  
Total Earnings
  
$
495,984
  
$
590,942
  
$
 556,416   $ 649,277   $  648,532   $  707,881   $  350,800  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
94,293
  
$
124,730
  
$
 173,870   $ 152,950   $  156,107   $
 150,757
   $  73,702  
Credit for Allowance for Borrowed Funds
   Used During Construction
     42,733     36,641     25,269     10,538      1,475      646      1,295  
Estimated Interest Element in Lease Rentals     9,200     9,800     10,200     10,700      10,100      10,100      5,050  
Total Fixed Charges
  
$
146,226
  
$
 171,171  
$
 209,339   $ 174,188   $  167,682   $  161,503   $  80,047  
                                             
Ratio of Earnings to Fixed Charges
    
3.39
    
3.45
     2.65     3.72      3.86      4.38      4.38