EXHIBIT 12
COLUMBUS SOUTHERN POWER COMPANY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Year Ended December 31,
-----------------------------------------------
1995 1996 1997 1998 1999
Fixed Charges:
Interest on First Mortgage Bonds. . . . . . . . $66,811 $59,711 $55,156 $47,323 $43,207
Interest on Other Long-term Debt. . . . . . . . 8,829 12,125 15,525 23,594 25,878
Interest on Short-term Debt . . . . . . . . . . 1,328 2,400 5,104 3,493 2,460
Miscellaneous Interest Charges. . . . . . . . . 4,657 4,374 4,729 4,459 4,659
Estimated Interest Element in Lease Rentals . . 4,100 __4,600 __4,100 5,300 4,600
------- ----- ----- ------- -------
Total Fixed Charges. . . . . . . . . . . . $85,725 $83,210 $84,614 $84,169 $80,804
======= ------- ======= ======= =======
Earnings:
Net Income. . . . . . . . . . . . . . . . . . . $110,616 $107,108 $119,379 $133,044 $150,270
Plus Federal Income Taxes . . . . . . . . . . . 58,648 60,302 69,760 71,202 82,686
Plus State Income Taxes . . . . . . . . . . . . 7 11 6 3 89
Plus Fixed Charges (as above) . . . . . . . . . 85,725 _ 83,210 _ 84,614 84,169 80,804
-------- ------- ------- -------- --------
Total Earnings . . . . . . . . . . . . . . $254,996 $250,631 $273,759 $288,418 $313,849
======== -------- ======== ======== ========
Ratio of Earnings to Fixed Charges. . . . . . . . 2.97 3,01 3.23 3.42 3.88
==== ==== ==== ==== ====