EX-12 3 exh12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12
Tucson Electric Power Company Computation of Ratio of Earnings to Fixed Charges 12 Months Ended ---------------------------------------------------------------------------------------------------------------- Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2003 2002 2001 2000 1999 - Thousands of Dollars - Fixed Charges: Interest on Long-Term Debt $76,585 $65,620 $68,678 $66,377 $66,836 Other Interest (1) 1,820 273 441 9,067 13,081 Interest on Capital Lease Obligations 84,053 87,783 90,506 92,658 82,414 ---------------------------------------------------------------------------------------------------------------- Total Fixed Charges 162,458 153,676 159,625 168,102 162,331 Net Income 127,589 53,737 75,284 51,169 73,475 Less: Extraordinary Income & Accounting Change - Net of Tax 67,471 - 470 - 22,597 ---------------------------------------------------------------------------------------------------------------- Net Income from Continuing Operations 60,118 53,737 74,814 51,169 50,878 Add (Deduct): (Income) Losses from Equity Investees (2) (76) 17 700 1,543 - Income Taxes 20,122 35,350 55,910 26,566 22,350 ---------------------------------------------------------------------------------------------------------------- Total Fixed Charges 162,458 153,676 159,625 168,102 162,331 ---------------------------------------------------------------------------------------------------------------- Total Earnings before Taxes and Fixed Charges $242,622 $242,780 $291,049 $247,380 $235,559 ================================================================================================================ - Ratio of Earnings to Fixed Charges 1.493 1.580 1.823 1.472 1.451 ----------------------------------------------------------------------------------------------------------------
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction. (2) Truepricing and Inncom (income) losses.