EX-12 5 v96782exv12.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 -------------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- ---------- ---------- ---------- ---------- Fixed charges, as defined: Interest expense $ 85,013 $ 96,005 $ 100,180 $ 64,765 $ 61,666 Amortization of debt expense and premium - net 7,972 8,861 5,639 3,409 3,044 Interest portion of rentals 4,452 6,140 5,140 4,324 4,645 ---------- ---------- ---------- ---------- ---------- Total fixed charges $ 97,437 $ 111,006 $ 110,959 $ 72,498 $ 69,355 ========== ========== ========== ========== ========== Earnings, as defined: Income from continuing operations $ 50,643 $ 42,174 $ 68,241 $ 109,065 $ 31,223 Add (deduct): Income tax expense 35,340 34,849 40,585 81,143 18,276 Total fixed charges above 97,437 111,006 110,959 72,498 69,355 ---------- ---------- ---------- ---------- ---------- Total earnings $ 183,420 $ 188,029 $ 219,785 $ 262,706 $ 118,854 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 1.88 1.69 1.98 3.62 1.71 Fixed charges and preferred dividend requirements: Fixed charges above $ 97,437 $ 111,006 $ 110,959 $ 72,498 $ 69,355 Preferred dividend requirements (1) 1,910 4,387 3,878 41,394 33,914 ---------- ---------- ---------- ---------- ---------- Total $ 99,347 $ 115,393 $ 114,837 $ 113,892 $ 103,269 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges and preferred dividend requirements 1.85 1.63 1.91 2.31 1.15
(1) Preferred dividend requirements have been grossed up to their pre-tax level.