Southwestern Electric Power 10-Q 2014 Q3 Quarterly report

EXHIBIT 12

AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(in millions except ratio data)

														Twelve		Nine
														Months		Months
	Years Ended December 31,													Ended		Ended
	2009			2010			2011			2012		2013		9/30/2014		9/30/2014
EARNINGS
Income Before Income Tax Expense and Equity Earnings	$	1,938		$	1,849		$	2,367		$	1,822	$	2,110	$	2,664	$	2,172
Fixed Charges (as below)	1,237			1,254			1,209			1,257		1,136		1,116		836
Preferred Security Dividend Requirements of    Consolidated Subsidiaries	(4		)	(4		)	(8		)	—		—		—		—
Total Earnings	$	3,171		$	3,099		$	3,568		$	3,079	$	3,246	$	3,780	$	3,008
FIXED CHARGES
Interest Expense	$	973		$	999		$	933		$	988	$	906	$	883	$	662
Credit for Allowance for Borrowed Funds Used    During Construction	67			53			63			69		40		43		32
Estimated Interest Element in Lease Rentals	193			198			205			200		190		190		142
Preferred Security Dividend Requirements of    Consolidated Subsidiaries	4			4			8			—		—		—		—
Total Fixed Charges	$	1,237		$	1,254		$	1,209		$	1,257	$	1,136	$	1,116	$	836
Ratio of Earnings to Fixed Charges	2.56			2.47			2.95			2.44		2.85		3.38		3.59