EX-12 4 v93888exv12.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, -------------------------------------------------- 2003 2002 2001 2000 1999 ------------ ----------- ----------- ----------- ----------- Fixed charges, as defined: Interest expense $ 86,085 $ 96,005 $ 100,180 $ 64,765 $ 61,666 Amortization of debt expense and premium - net 8,017 8,861 5,639 3,409 3,044 Interest portion of rentals 5,793 6,140 5,140 4,324 4,645 ------------ ----------- ----------- ----------- ----------- Total fixed charges $ 99,895 $ 111,006 $ 110,959 $ 72,498 $ 69,355 ============ =========== =========== =========== =========== Earnings, as defined: Income from continuing operations $ 47,583 $ 42,174 $ 68,241 $ 109,065 $ 31,223 Add (deduct): Income tax expense 35,595 34,849 40,585 81,143 18,276 Total fixed charges above 99,895 111,006 110,959 72,498 69,355 ------------ ----------- ----------- ----------- ----------- Total earnings $ 183,073 $ 188,029 $ 219,785 $ 262,706 $ 118,854 ============ =========== =========== =========== =========== Ratio of earnings to fixed charges 1.83 1.69 1.98 3.62 1.71 Fixed charges and preferred dividend requirements: Fixed charges above $ 99,895 $ 111,006 $ 110,959 $ 72,498 $ 69,355 Preferred dividend requirements(1) 2,977 4,387 3,878 41,394 33,914 ------------ ----------- ----------- ----------- ----------- Total $ 102,872 $ 115,393 $ 114,837 $ 113,892 $ 103,269 ============ =========== =========== =========== =========== Ratio of earnings to fixed charges and preferred dividend requirements 1.78 1.63 1.91 2.31 1.15
(1) Preferred dividend requirements have been grossed up to their pre-tax level.