EX-12 3 exhibit12.txt
Exhibit 12 TUCSON ELECTRIC POWER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 6 Months 12 Months Ended Ended ---------------------------------------------------------------- Jun. 30, Jun. 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2002 2002 2001 2000 1999 1998 1997 ----------------------------------------------------------------------------------------------------------------------- - Thousands of dollars - Fixed Charges: Interest on Long-Term Debt $ 28,424 $ 57,966 $ 61,218 $ 66,377 $ 66,836 $ 72,672 $ 66,247 Other Interest(1) 3,930 7,974 8,058 9,067 13,081 13,207 9,640 Interest on Capital Lease Obligations(2) 43,841 88,829 90,348 92,658 82,414 81,823 83,019 ----------------------------------------------------------------------------------------------------------------------- Total Fixed Charges 76,195 154,769 159,624 168,102 162,331 167,702 158,906 Net Income 15,537 48,407 75,284 51,169 73,475 41,676 83,572 Less: Extraordinary Income & Accounting Change - Net of Tax - - 470 - 22,597 - - ----------------------------------------------------------------------------------------------------------------------- Net Income from Continuing Operations 15,537 48,417 74,814 51,169 50,878 41,676 83,572 Add (Deduct): Losses from Equity Investees 182 613 700 1,543 - - - Income Taxes 10,975 34,848 55,910 26,566 22,350 17,578 (22,104) Total Fixed Charges 76,195 154,769 159,624 168,102 162,331 167,702 158,906 ----------------------------------------------------------------------------------------------------------------------- Total Earnings before Taxes and Fixed Charges $102,889 $238,637 $291,048 $247,380 $235,559 $226,956 $220,374 ======================================================================================================================= Ratio of Earnings to Fixed Charges 1.350 1.542 1.823 1.472 1.451 1.353 1.387 (1) Excludes recognition of Allowance for Borrowed Funds Used During Construction. (2) Amounts have been restated for years ended 2001 - 2000 to conform to current year's presentation.