EX-12 19 ex12swepco4q.htm COMPUTATION OF RATIOS - SWEPCO Unassociated Document
EXHIBIT 12
 
 
SOUTHWESTERN ELECTRIC POWER COMPANY CONSOLIDATED 
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
Years Ended December 31,
  
   
2008
    
2009
    2010     2011     2012  
 EARNINGS
                               
Income Before Income Taxes and Equity Earnings 
  
$
 129,489  
$
140,035
   $
208,484
   $  219,283   $  245,862  
Fixed Charges (as below)     119,516    
109,146
    
132,106
      134,285      147,817  
Total Earnings
  
$
 249,005   $ 
249,181
   $
340,590
   $  353,568   $  393,679  
                                 
FIXED CHARGES
                                
Interest Expense
   $ 93,150   $ 
70,500
   $
86,538
   $  81,781   $  88,318  
Credit for Allowance for Borrowed Funds
   Used During Construction
     19,800    
29,546
    
33,668
     40,904      48,499  
Trust Dividends     (134 )   
-
    
-
      -      -  
Estimated Interest Element in Lease Rentals     6,700    
9,100
    
11,900
      11,600      11,000  
Total Fixed Charges
  
$
 119,516   $ 
109,146
   $
132,106
   $  134,285   $  147,817  
                                 
Ratio of Earnings to Fixed Charges
     2.08    
2.28
    
2.57
      2.63      2.66