UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                        American Electric Power Co. Inc.
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                   025537101
                        ------------------------------
                                 (CUSIP Number)

                               December 31, 2003
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            (Date of Event Which Requires Filing of this Statement)


Check appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [X] Rule 13d-1(b)

     [_] Rule 13d-1(c)

     [_] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 4 Pages



         -------------
CUSIP NO. 025537101                    13G
         -------------
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 1.   NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       Barrow, Hanley, Mewhinney & Strauss, Inc.
               752403190
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 2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                                (a) [_]
                                                                (b) [_]
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 3.   SEC USE ONLY


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 4.   CITIZENSHIP OR PLACE OF ORGANIZATION

          A Nevada corporation
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                     5.   SOLE VOTING POWER
   NUMBER OF
    SHARES                4,356,459 shares
                   -------------------------------------------------------------
 BENEFICIALLY        6.   SHARED VOTING POWER
   OWNED BY
     EACH                 15,778,720 shares
                   -------------------------------------------------------------
  REPORTING          7.   SOLE DISPOSITIVE POWER
    PERSON
     WITH                 20,135,179 shares
                   -------------------------------------------------------------
                     8.   SHARED DISPOSITIVE POWER

                          --
--------------------------------------------------------------------------------
 9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      20,135,179 shares
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10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
      (See Instructions)
                                                                    [_]
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11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      5.10%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON (See Instructions)

      IA
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                               Page 2 of 4 Pages



SCHEDULE 13G

Item 1(a) Name of Issuer:
               American Electric Power Co. Inc.

     1(b) Address of Issuer's Principal Executive Offices:
               1 Riverside Plaza
               Columbus, Ohio 43215

Item 2(a) Name of Person Filing:
               Barrow, Hanley, Mewhinney & Strauss, Inc.


     2(b) Address of Principal Business Office or, if none, Residence:
               One McKinney Plaza
               3232 McKinney Avenue, 15th Floor
               Dallas, TX 75204-2429

     2(c) Citizenship:
               A Nevada corporation

     2(d) Title of Class of Securities:
               Common Stock

     2(e) CUSIP Number:
               025537101

Item 3  If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b);
               The reporting person is an Investment Adviser registered under
               Section 203 of the Investment Advisers Act of 1940.

Item 4  Ownership:

    4(a)  Amount beneficially owned:
               20,135,179 shares

    4(b)  Percent of Class:
               5.10%

    4(c)  Number of shares as to which person has:

          (i)   Sole power to vote or to direct the vote:
                4,356,459 shares

                               Page 3 of 4 Pages



          (ii)  Shared power to vote or to direct the vote:
                  15,778,720 shares

          (iii) Sole power to dispose or to direct the disposition of:
                  20,135,179 shares

          (iv)  Shared power to dispose or to direct the disposition of:
                  --

Item 5   Ownership of Five Percent or Less of a Class:
                  Not Applicable.

Item 6   Ownership of More than Five Percent on Behalf of Another Person:

                  The right to receive or the power to direct the receipt of
                  dividends from, or the proceeds from the sale of, the common
                  stock is held by certain clients of the reporting person, none
                  of which has such right or power with respect to five percent
                  or more of the common stock.

Item 7   Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on by the Parent Holding Company:

                  Not Applicable

Item 8   Identification and Classification of Members of the Group:

                  Not Applicable.

Item 9   Notice of Dissolution of Group:

                  Not Applicable.

Item 10  Certification:

         By signing below the undersigned certifies that, to the best of its
         knowledge and belief, the securities referred to above were acquired in
         the ordinary course of business and were not acquired for the purpose
         of and do not have the effect of changing or influencing the control of
         the issuer of such securities and were not acquired in connection with
         or as a participant in any transaction having such purpose or effect.

After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.

                                            BARROW, HANLEY, MEWHINNEY &
                                            STRAUSS, INC.


                                            By: /s/ James P. Barrow
                                                ------------------------
                                                Name: James P. Barrow
                                                Title: President

February 10, 2004

                               Page 4 of 4 Pages