EX-12 3 v85801exv12.txt EXHIBIT 12 EXHIBIT 12 AVISTA CORPORATION Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend Requirements Consolidated (Thousands of Dollars)
12 months ended Years Ended December 31 September 30, ----------------------------------------------------- 2002 2001 2000 1999 1998 ------------ -------- -------- -------- -------- Fixed charges, as defined: Interest expense $101,729 $100,841 $ 64,846 $ 61,703 $ 66,158 Amortization of debt expense and premium - net 8,737 5,639 3,409 3,044 2,859 Interest portion of rentals 4,940 5,140 4,324 4,645 4,301 -------- -------- -------- -------- -------- Total fixed charges $115,406 $111,620 $ 72,579 $ 69,392 $ 73,318 ======== ======== ======== ======== ======== Earnings, as defined: Income from continuing operations $ 19,162 $ 59,605 $101,055 $ 28,662 $ 78,316 Add (deduct): Income tax expense 15,909 34,386 76,998 16,897 43,430 Total fixed charges above 115,406 111,620 72,579 69,392 73,318 -------- -------- -------- -------- -------- Total earnings $150,477 $205,611 $250,632 $114,951 $195,064 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 1.30 1.84 3.45 1.66 2.66 Fixed charges and preferred dividend requirements: Fixed charges above $115,406 $111,620 $ 72,579 $ 69,392 $ 73,318 Preferred dividend requirements (1) 4,451 3,835 41,820 34,003 13,057 -------- -------- -------- -------- -------- Total $119,857 $115,455 $114,399 $103,395 $ 86,375 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges and preferred dividend requirements 1.26 1.78 2.19 1.11 2.26
(1) Preferred dividend requirements have been grossed up to their pre-tax level.