EXHIBIT 12.4 SOUTHWESTERN ELECTRIC POWER COMPANY RATIO OF EARNINGS TO FIXED CHARGES FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Thousands except Ratio) (Unaudited) Operating Income $166,324 Adjustments: Federal and state income taxes 29,233 Provision for deferred Federal and state income taxes 17,561 Deferred investment tax credits (4,717) Other income and deductions 3,175 Allowance for borrowed and equity funds used during construction 10,285 Interest portion of financing leases 1,978 Earnings $223,839 Fixed Charges: Interest on long-term debt $ 44,127 Amortization of debt issuance cost 3,558 Other interest 6,560 Interest portion of financing leases 1,978 Fixed Charges $ 56,223 Ratio of Earnings to Fixed Charges 3.98