EX-12 8 v06075exv12.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 ----------------------- 2004 2003 2002 2001 2000 ------------ ------------ ------------ ------------ ------------ Fixed charges, as defined: Interest expense $ 84,746 $ 85,013 $ 96,005 $ 100,180 $ 64,765 Amortization of debt expense and premium - net 8,301 7,972 8,861 5,639 3,409 Interest portion of rentals 2,443 4,452 6,140 5,140 4,324 ------------ ------------ ------------ ------------ ------------ Total fixed charges $ 95,490 $ 97,437 $ 111,006 $ 110,959 $ 72,498 ============ ============ ============ ============ ============ Earnings, as defined: Income from continuing operations $ 35,614 $ 50,643 $ 42,174 $ 68,241 $ 109,065 Add (deduct): Income tax expense 21,592 35,340 34,849 40,585 81,143 Total fixed charges above 95,490 97,437 111,006 110,959 72,498 ------------ ------------ ------------ ------------ ------------ Total earnings $ 152,696 $ 183,420 $ 188,029 $ 219,785 $ 262,706 ============ ============ ============ ============ ============ Ratio of earnings to fixed charges 1.60 1.88 1.69 1.98 3.62 Fixed charges and preferred dividend requirements: Fixed charges above $ 95,490 $ 97,437 $ 111,006 $ 110,959 $ 72,498 Preferred dividend requirements (1) - 1,910 4,387 3,878 41,394 ------------ ------------ ------------ ------------ ------------ Total $ 95,490 $ 99,347 $ 115,393 $ 114,837 $ 113,892 ============ ============ ============ ============ ============ Ratio of earnings to fixed charges and preferred dividend requirements 1.60 1.85 1.63 1.91 2.31
(1) Preferred dividend requirements have been grossed up to their pre-tax level. Effective July 1, 2003, preferred dividends are included in interest expense with the adoption of SFAS No. 150.