EXHIBIT 12
KENTUCKY POWER COMPANY
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Year Ended December 31, | Twelve Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1998 | 1999 | 2000 | 2001 | 2002 | 9/30/03 | ||||||||
Fixed Charges: | |||||||||||||
Interest on First Mortgage Bonds | $13,936 | $12,712 | $9,503 | $6,178 | $2,206 | $ -- | |||||||
Interest on Other Long-term Debt | 12,188 | 13,525 | 16,367 | 18,300 | 23,429 | 26,508 | |||||||
Interest on Short-term Debt | 2,455 | 2,552 | 3,295 | 2,329 | 1,751 | 1,364 | |||||||
Miscellaneous Interest Charges | 634 | 869 | 2,523 | 1,059 | 1,084 | 1,751 | |||||||
Estimated Interest Element in Lease Rentals | 1,500 | 1,200 | 1,700 | 1,200 | 1,000 | 1,000 | |||||||
Total Fixed Charges | $30,713 | $30,858 | $33,388 | $29,066 | $29,470 | $30,623 | |||||||
Earnings: | |||||||||||||
Net Income Before Cumulative Effect | |||||||||||||
of Accounting Change | $21,676 | $25,430 | $20,763 | $21,565 | $20,567 | $20,698 | |||||||
Plus Federal Income Taxes | 9,785 | 12,993 | 17,884 | 9,553 | 9,235 | 7,961 | |||||||
Plus State Income Taxes | 2,096 | 2,784 | 2,457 | 489 | 1,627 | 1,678 | |||||||
Plus Fixed Charges (as above) | 30,713 | 30,858 | 33,388 | 29,066 | 29,470 | 30,623 | |||||||
Total Earnings | $64,270 | $72,065 | $74,492 | $60,673 | $60,899 | $60,960 | |||||||
Ratio of Earnings to Fixed Charges | 2.09 | 2.33 | 2.23 | 2.08 | 2.06 | 1.99 | |||||||