EXHIBIT 12
COLUMBUS SOUTHERN POWER COMPANY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve
Year Ended December 31, Months
----------------------------------------------- Ended
1998 1999 2000 2001 2002 6/30/03
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Fixed Charges:
Interest on First Mortgage Bonds $47,323 $43,207 $40,602 $34,575 $17,756 $ 15,134
Interest on Other Long-term Debt 23,594 25,878 25,878 27,365 32,762 38,687
Interest on Short-term Debt 3,493 2,460 2,412 4,914 3,244 1,420
Miscellaneous Interest Charges 4,459 4,659 14,205 3,755 2,585 2,649
Estimated Interest Element in Lease Rentals 5,300 4,600 5,300 4,800 3,500 3,500
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Total Fixed Charges $84,169 $80,804 $88,397 $75,409 $59,847 $ 61,390
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Earnings:
Income Before Extraordinary Item and
Cumulative Effect of Accounting Change $133,044 $150,270 $120,202 $191,900 $181,173 $163,284
Plus Federal Income Taxes 71,202 82,686 116,590 94,148 93,484 81,158
Plus State and Local Income Taxes 3 89 136 8,811 17,519 21,150
Plus Fixed Charges (as above) 84,169 80,804 88,397 75,409 59,847 61,390
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Total Earnings $288,418 $313,849 $325,325 $370,268 $352,023 $326,982
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Ratio of Earnings to Fixed Charges 3.42 3.88 3.68 4.91 5.88 5.32
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