EXHIBIT 12
OHIO 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 $ 33,663 $ 25,506 $ 22,901 $ 19,898 $ 9,421 $ 9,311
Interest on Other Long-term Debt 38,520 49,125 58,605 61,960 68,895 69,036
Interest on Short-term Debt 5,821 8,327 8,614 14,628 6,942 5,277
Miscellaneous Interest Charges 4,617 5,016 34,417 4,806 5,115 5,001
Estimated Interest Element in Lease Rentals 59,300 53,400 51,600 48,200 47,100 47,100
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Total Fixed Charges $141,921 $141,374 $176,137 $149,492 $137,473 $135,725
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Earnings:
Income Before Extraordinary Item $209,925 $212,157 $102,613 $165,793 $220,023 $224,322
Plus Federal Income Taxes 112,087 130,814 208,737 83,990 103,875 108,393
Plus State Income Taxes 2,742 1,677 (3,058) 15,003 27,716 38,430
Plus Fixed Charges (as above) 141,921 141,374 176,137 149,492 137,473 135,725
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Total Earnings $466,675 $486,022 $484,429 $414,278 $489,087 $506,870
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Ratio of Earnings to Fixed Charges 3.28 3.43 2.75 2.77 3.55 3.73
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