EX-12 12 x12.htm COMP OF RATIOS

EXHIBIT 12

AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in millions except ratio data)

| Year Ended December 31,
--- | ---
| 1999 | 2000 | 2001 | 2002 | 2003
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on Long-term Debt |  | $608 |  | $608 |  | $599 |  | $642 |  | $735
Interest on Short-term Debt |  | 149 |  | 258 |  | 143 |  | 62 |  | 23 |
Miscellaneous Interest Charges |  | 78 |  | 161 |  | 133 |  | 103 |  | 80 |
Estimated Interest Element in Lease Rentals |  | 212 |  | 223 |  | 222 |  | 229 |  | 203 |
Preferred Stock Dividends |  | 28 |  | 32 |  | 15 |  | 18 |  | 15 |
Total Fixed Charges |  | $1,075 |  | $1,282 |  | $1,112 |  | $1,054 |  | $1,056 |
Earnings: |
Income Before Income Taxes |  | $1,327 |  | $779 |  | $1,513 |  | $800 |  | $880 |
Plus Fixed Charges (as above) |  | 1,075 |  | 1,282 |  | 1,112 |  | 1,054 |  | 1,056 |
Less Undistributed Earnings in Equity Investments |  | 46 |  | 46 |  | 28 |  | 12 |  | 10 |
Total Earnings |  | $2,356 |  | $2,015 |  | $2,597 |  | $1,842 |  | $1,926 |
Ratio of Earnings to Fixed Charges |  | 2.19 |  | 1.57 |  | 2.33 |  | 1.74 |  | 1.82 |