EX-12 5 exh12b_0315.txt EXH. 12B - COMPUTATION OF RATIO OF EARNINGS - UNE Exhibit 12(b) UNISOURCE ENERGY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Ended ---------------------------------------------------------- Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------ - Thousands of Dollars - FIXED CHARGES: Interest on Long-Term Debt $ 82,807 $ 80,844 $ 65,620 $ 68,678 $ 75,076 Other Interest (1) 2,098 3,709 2,123 1,287 219 Interest on Capital Lease Obligations 85,912 84,080 87,801 90,559 92,869 ------------------------------------------------------------------------------------------------------ TOTAL FIXED CHARGES 170,817 168,633 155,544 160,524 168,164 NET INCOME 45,919 113,941 34,928 63,839 43,484 LESS: Extraordinary Income & Accounting Change - Net of Tax - 67,471 - 470 - ------------------------------------------------------------------------------------------------------ NET INCOME FROM CONTINUING OPERATIONS 45,919 46,470 34,928 63,369 43,484 ADD (DEDUCT): (Income) Losses from Equity Investees (7,121) 3,051 3,047 10,748 3,335 Income Taxes 33,946 12,082 17,962 49,109 16,199 Total Fixed Charges 170,817 168,633 155,544 160,524 168,164 ------------------------------------------------------------------------------------------------------ TOTAL EARNINGS BEFORE TAXES AND FIXED CHARGES $ 243,561 $ 230,236 $ 211,481 $ 283,750 $ 231,182 ====================================================================================================== RATIO OF EARNINGS TO FIXED CHARGES 1.426 1.365 1.360 1.768 1.375 (1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.