EX-12 2 exh12.txt TEP- EARNINGS TO FIXED CHARGES RATIO
Exhibit 12 Tucson Electric Power Company Computation of Ratio of Earnings to Fixed Charges 3 Months Ended 12 Months Ended| 12 Months Ended -------------------------------| --------------------------------------------------- Mar. 31 Mar. 31 | Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2004 2004 | 2003 2002 2001 2000 1999 -------------------------------------------------------------------------| --------------------------------------------------- | - Thousands of Dollars - Fixed Charges: | Interest on Long-Term Debt $ 20,381 $ 77,694 | $76,585 $65,620 $68,678 $66,377 $66,836 Other Interest (1) 309 1,921 | 1,820 273 441 9,067 13,081 Interest on Capital Lease Obligations 20,037 83,356 | 84,053 87,783 90,506 92,658 82,414 -------------------------------------------------------------------------| --------------------------------------------------- Total Fixed Charges 40,727 162,971 | 162,458 153,676 159,625 168,102 162,331 | Net Income 886 68,180 | 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 886 68,180 | 60,118 53,737 74,814 51,169 50,878 | Add (Deduct): | (Income) Losses from Equity Investees (2) (21) (123)| (76) 17 700 1,543 - Income Taxes 2,135 25,731 | 20,122 35,350 55,910 26,566 22,350 Total Fixed Charges 40,727 162,971 | 162,458 153,676 159,625 168,102 162,331 -------------------------------------------------------------------------| --------------------------------------------------- | Total Earnings before Taxes | and Fixed Charges $ 43,727 $ 256,759 | $242,622 $242,780 $291,049 $247,380 $235,559 =========================================================================| =================================================== | | Ratio of Earnings to Fixed Charges 1.074 1.575 | 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.