EXHIBIT 12
SOUTHWESTERN ELECTRIC POWER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
FOR YEARS ENDED DECEMBER 31
1993 1992 1991 1990 1989
(Thousands except Ratios)
Operating income $113,176 $145,727 $143,317 $146,586 $150,158
Adjustments:
Federal and state income
taxes 37,108 31,478 39,785 41,287 34,153
Provision for deferred
Federal income taxes (648) 10,258 5,566 2,097 8,351
Deferred investment tax
credits (5,193) (6,864) (4,938) (4,934) (5,695)
Other income and deductions 11,944 537 3,883 2,492 4,712
Allowance for borrowed and
equity funds used during
construction 2,580 182 978 575 363
Interest portion of financing
leases 2,534 2,783 2,946 3,067 3,313
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Earnings $161,501 $184,101 $191,537 $191,170 $195,355
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Fixed charges:
Interest on long-term debt $ 40,958 $ 47,490 $ 48,382 $ 51,225 $ 54,037
Amortization of debt issuance
cost 3,189 2,075 1,810 1,732 1,499
Other interest 1,677 1,998 1,362 6,983 2,480
Interest portion of financing
leases 2,534 2,783 2,946 3,067 3,313
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Fixed Charges $ 48,358 $ 54,346 $ 54,500 $ 63,007 $ 61,329
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Ratio of Earnings to Fixed
Charges 3.34 3.39 3.51 3.03 3.19