EX-12 11 v87987exv12.txt EXHIBIT 12 EXHIBIT 12 AVISTA CORPORATION Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend Requirements Consolidated (Thousands of Dollars)
Years Ended December 31 ------------------------------------------------------ 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Fixed charges, as defined: Interest expense $96,475 $100,841 $64,846 $61,703 $66,158 Amortization of debt expense and premium - net 8,861 5,639 3,409 3,044 2,859 Interest portion of rentals 6,140 5,140 4,324 4,645 4,301 -------- -------- ------- ------- ------- Total fixed charges $111,476 $111,620 $72,579 $69,392 $73,318 ======== ======== ======= ======= ======= Earnings, as defined: Income from continuing $34,310 $59,605 $101,055 $28,662 $78,316 operations Add (deduct): Income tax expense 29,994 34,386 76,998 16,897 43,430 Total fixed charges above 111,476 111,620 72,579 69,392 73,318 -------- -------- --------- --------- -------- Total earnings $175,780 $205,611 $250,632 $114,951 $195,064 ======== ======== ======== ======== ======== Ratio of earnings to fixed 1.58 1.84 3.45 1.66 2.66 charges
Fixed charges and preferred dividend requirements: Fixed charges above $111,476 $111,620 $72,579 $69,392 $73,318 Preferred dividend 4,502 3,835 41,820 34,003 13,057 requirements (1) -------- -------- -------- -------- ------- Total $115,978 $115,455 $114,399 $103,395 $86,375 ======== ======== ======== ======== ======= Ratio of earnings to fixed charges and preferred dividend requirements 1.52 1.78 2.19 1.11 2.26
(1) Preferred dividend requirements have been grossed up to their pre-tax level.