EXHIBIT 12
COLUMBUS SOUTHERN POWER COMPANY
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve
Months
Year Ended December 31, Ended
1994 1995 1996 1997 1998 6/30/99
Fixed Charges:
Interest on First Mortgage Bonds. . . . . . . . $68,471 $66,811 $59,711 $55,156 $47,323 $44,564
Interest on Other Long-term Debt. . . . . . . . 10,221 8,829 12,125 15,525 23,594 25,875
Interest on Short-term Debt . . . . . . . . . . 817 1,328 2,400 5,104 3,493 2,880
Miscellaneous Interest Charges. . . . . . . . . 4,566 4,657 4,374 4,729 4,459 4,406
Estimated Interest Element in Lease Rentals . . 3,700 4,100 4,600 4,100 5,300 5,300
Total Fixed Charges. . . . . . . . . . . . $87,775 $85,725 $83,210 $84,614 $84,169 $83,025
Earnings:
Net Income (Loss) . . . . . . . . . . . . . . .$109,845 $110,616 $107,108 $119,379 $133,044 $130,634
Plus Federal Income Taxes . . . . . . . . . . . 49,838 58,648 60,302 69,760 71,202 70,923
Plus State Income Taxes . . . . . . . . . . . . 1 7 11 6 3 30
Plus Fixed Charges (as above) . . . . . . . . . 87,775 85,725 83,210 84,614 84,169 83,025
Total Earnings . . . . . . . . . . . . . .$247,459 $254,996 $250,631 $273,759 $288,418 284,612
Ratio of Earnings to Fixed Charges. . . . . . . . 2.81 2.97 3.01 3.23 3.42 3.42