Exhibit 12
IPALCO ENTERPRISES, INC.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios) | Six Months Ended June 30, | Years Ended December 31, | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Income from continuing operations before income taxes | $ | 25,226 | $ | 125,824 | $ | 101,486 | $ | 119,573 | $ | 97,488 | $ | 130,406 | ||||||
Fixed charges | 61,455 | 120,562 | 116,707 | 115,691 | 121,004 | 126,287 | ||||||||||||
Distributed income of equity investees | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Interest capitalized | (5,233) | (4,963) | (2,517) | (1,059) | (2,674) | (2,437) | ||||||||||||
Preferred dividends | (2,488) | (5,276) | (5,207) | (5,437) | (5,241) | (5,241) | ||||||||||||
Total earnings | $ | 78,960 | $ | 236,147 | $ | 210,468 | $ | 228,768 | $ | 210,577 | $ | 249,015 | ||||||
Fixed charges: | ||||||||||||||||||
Interest on long-term debt | 55,341 | 108,104 | 104,602 | 103,435 | 109,233 | 114,707 | ||||||||||||
Interest on short-term debt | 948 | 1,865 | 1,794 | 1,913 | 1,786 | 2,136 | ||||||||||||
Amortization of debt expense | 2,669 | 5,275 | 5,075 | 4,875 | 4,700 | 4,174 | ||||||||||||
Preferred dividends | 2,488 | 5,276 | 5,207 | 5,437 | 5,241 | 5,241 | ||||||||||||
Net interest factor attributable to rents (1) | 9 | 42 | 28 | 31 | 44 | 29 | ||||||||||||
Total fixed charges | $ | 61,455 | $ | 120,562 | $ | 116,707 | $ | 115,691 | $ | 121,004 | $ | 126,287 | ||||||
Ratio of earnings to fixed charges | 1.28 | 1.96 | 1.80 | 1.98 | 1.74 | 1.97 |
(1) | The Company considers one-third of rent expense to represent interest expense. |