EXHIBIT 12.3
SOUTHWESTERN ELECTRIC POWER COMPANY (CONSOLIDATED)
RATIO OF EARNINGS TO FIXED CHARGES
FOR THE TWELVE MONTHS ENDED JUNE 30, 2000
(Thousands Except Ratio)
(Unaudited)
Operating Income $142,009
Adjustments
Income taxes 35,675
Provision for deferred income taxes (448)
Deferred investment tax credits (4,523)
Other income and deductions (2,479)
Allowance for borrowed and equity funds
used during construction 2,983
Interest portion of financing leases 119
Earnings $173,336
Fixed Charges:
Interest on long-term debt $39,823
Interest on short-term debt and other 14,881
Distributions on Trust Preferred Securities 8,662
Interest portion of financing leases 119
Fixed Charges $63,485
Ratio of Earnings to Fixed Charges 2.73
