EX-12 2 exh12.txt EX. 12 - COMPUTATION - TEP Exhibit 12 TUCSON ELECTRIC POWER COMPANY Computation of Ratio of Earnings to Fixed Charges
9 Months Ended 12 Months Ended 12 Months Ended -------------------------------- ------------------------------------------------------- Sep. 30, Sep. 30, 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 $ 54,615 $ 73,817 $ 76,585 $ 65,620 $ 68,678 $ 75,076 $ 78,220 Other Interest (1) 906 1,139 1,820 273 441 211 1,696 Interest on Capital Lease Obligations 60,873 82,144 84,053 87,783 90,506 92,815 82,414 --------------------------------------------------------------------------- ------------------------------------------------------- TOTAL FIXED CHARGES 116,394 157,100 162,458 153,676 159,625 168,102 162,330 NET INCOME 45,033 68,870 128,913 55,390 77,778 52,762 76,371 LESS: Extraordinary Income & Accounting Change - Net of Tax - - 67,471 - 470 - 22,597 --------------------------------------------------------------------------- ------------------------------------------------------- NET INCOME FROM CONTINUING OPERATIONS 45,033 68,870 61,442 55,390 77,308 52,762 53,774 ADD (DEDUCT): (Income) Losses from Equity Investees (2) (116) (108) (76) 17 700 1,543 - Income Taxes 35,119 27,867 21,090 36,434 57,545 27,610 24,249 Total Fixed Charges 116,394 157,100 162,458 153,676 159,625 168,102 162,330 --------------------------------------------------------------------------- ------------------------------------------------------- TOTAL EARNINGS BEFORE TAXES AND FIXED CHARGES $ 196,430 $ 253,729 $ 244,914 $ 245,517 $ 295,178 $ 250,017 $ 240,353 =========================================================================== ======================================================= RATIO OF EARNINGS TO FIXED CHARGES 1.688 1.615 1.508 1.598 1.849 1.487 1.481 (1) Excludes recognition of Allowance for Borrowed Funds Used During Construction. (2) Truepricing and Inncom (income) losses.