EX-12 9 ex12.txt Exhibit 12
TUCSON ELECTRIC POWER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 6 Months 12 Months Ended Ended -------------------------------------------------------------------- June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2003 2003 2002 2001 2000 1999 1998 ------------------------------------------------------------------------------------------------------------------------------ - Thousands of Dollars - Fixed Charges: Interest on Long-Term Debt $ 38,385 $ 71,914 $ 65,620 $ 68,678 $ 66,377 $ 66,836 $ 72,672 Other Interest (1) 876 967 273 441 9,067 13,081 13,207 Interest on Capital Lease Obligations (2) 41,527 85,389 87,783 90,506 92,658 82,414 81,823 ------------------------------------------------------------------------------------------------------------------------------ Total Fixed Charges 80,788 158,270 153,676 159,625 168,102 162,331 167,702 Net Income 71,469 109,669 53,737 75,284 51,169 73,475 41,676 Less: Extraordinary Income & Accounting Change - Net of Tax (67,471) (67,471) - 470 - 22,597 - ------------------------------------------------------------------------------------------------------------------------------ Net Income from Continuing Operations 3,998 42,198 53,737 74,814 51,169 50,878 41,676 Add (Deduct): Losses (gains) from Equity Investees (3) (51) (216) 17 700 1,543 - - Income Taxes 5,020 29,396 35,350 55,910 26,566 22,350 17,578 Total Fixed Charges 80,788 158,270 153,676 159,625 168,102 162,331 167,702 ------------------------------------------------------------------------------------------------------------------------------ Total Earnings before Taxes and Fixed Charges $ 89,755 $229,648 $242,780 $291,049 $247,380 $235,559 $226,956 ============================================================================================================================== Ratio of Earnings to Fixed Charges 1.111 1.451 1.580 1.823 1.472 1.451 1.353 (1) Excludes recognition of Allowance for Borrowed Funds Used During Construction. (2) Amounts have been restated for year ended 2001 to conform to current year's presentation. (3) Inncom losses (gains).