EXHIBIT 12
APPALACHIAN POWER COMPANY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve
Months
Year Ended December 31, Ended
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1998 1999 2000 2001 2002 3/31/03
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Fixed Charges:
Interest on First Mortgage Bonds $ 72,057 $ 65,697 $ 56,003 $ 48,441 $ 43,743 $ 41,086
Interest on Other Long-term Debt 40,642 50,712 59,559 61,045 67,212 71,509
Interest on Short-term Debt 4,245 5,959 8,847 10,722 4,890 3,069
Miscellaneous Interest Charges 11,470 8,212 26,284 4,285 6,453 6,950
Estimated Interest Element in Lease Rentals 5,900 6,100 6,300 5,800 4,500 4,500
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Total Fixed Charges $134,314 $136,680 $156,993 $130,293 $126,798 $127,114
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Earnings:
Income Before Extraordinary Item $ 93,330 $120,492 $ 64,906 $161,818 $205,492 $229,304
Plus Federal Income Taxes 43,941 70,950 117,872 81,934 100,974 120,115
Plus State Income Taxes 6,845 5,085 15,307 14,789 9,952 2,027
Plus Fixed Charges (as above) 134,314 136,680 156,993 130,293 126,798 127,114
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Total Earnings $278,430 $333,207 $355,078 $388,834 $443,216 $478,560
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Ratio of Earnings to Fixed Charges 2.07 2.43 2.26 2.98 3.49 3.76
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