EX-12.(B) 3 exh_12b.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - TEP Computation of Ratio of Earnings to Fixed Charges - TEP
 
Exhibit 12B
 
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,
  
 
2007
  
2007
  
2006
  
2005
  
2004
  
2003
  
2002
  
         
- Thousands of Dollars -
  
Fixed Charges:
                            
Interest on Long-Term Debt
$
12,439
  
$
51,213
  
$
51,422
  
$
56,243
  
$
69,904
  
$
76,585
  
$
65,620
  
Other Interest (1)
  
1,559
   
7,026
   
6,436
   
2,597
   
1,263
   
1,820
   
273
 
Interest on Capital Lease Obligations
  
16,146
   
70,163
   
72,556
   
79,064
   
85,869
   
84,053
   
87,783
 
Total Fixed Charges
  
30,144
   
128,402
   
130,414
   
137,904
   
157,036
   
162,458
   
153,676
 
                                           
Net Income
  
821
   
50,979
   
66,745
   
48,267
   
46,127
   
128,913
   
55,390
 
 
                                          
Less:
                                          
Cumulative Effect of Accounting Change -
Net of Tax
  
-
   
-
   
-
   
(626
)
  
-
   
67,471
   
-
 
Net Income from Continuing Operations
  
821
   
50,979
   
66,745
   
48,893
   
46,127
   
61,442
   
55,390
 
                                           
Add (Deduct):
                                          
(Income) Losses from Equity Investees (2)
  
-
   
(267
)
  
(320
)
  
(314
)
  
(131
)
  
(76
)
  
17
 
Income Taxes
  
1,068
   
32,017
   
42,478
   
33,907
   
34,815
   
21,090
   
36,434
 
Total Fixed Charges
  
30,144
   
128,402
   
130,414
   
137,904
   
157,036
   
162,458
   
153,676
 
 
                                          
Total Earnings before Taxes
and Fixed Charges
$
32,033
  
$
211,131
  
$
239,317
  
$
220,390
  
$
237,847
  
$
244,914
  
$
245,517
  
                                           
Ratio of Earnings to Fixed Charges
  
1.063
   
1.644
   
1.835
   
1.598
   
1.515
   
1.508
   
1.598
 
 
(1) Excludes recognition of Allowance for Borrowered Funds Used During Construction.
(2) Truepricing and Inncom (income) losses.