EX-12 5 v98721exv12.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 March 31, ------------------------------------- -------- 2004 2003 2002 2001 2000 ---------- -------- -------- -------- -------- Fixed charges, as defined: Interest expense $ 85,099 $ 85,013 $ 96,005 $100,180 $ 64,765 Amortization of debt expense and premium - net 8,006 7,972 8,861 5,639 3,409 Interest portion of rentals 4,409 4,452 6,140 5,140 4,324 -------- -------- -------- -------- -------- Total fixed charges $ 97,514 $ 97,437 $111,006 $110,959 $ 72,498 ======== ======== ======== ======== ======== Earnings, as defined: Income from continuing operations $ 44,885 $ 50,643 $ 42,174 $ 68,241 $109,065 Add (deduct): Income tax expense 31,005 35,340 34,849 40,585 81,143 Total fixed charges above 97,514 97,437 111,006 110,959 72,498 -------- -------- -------- -------- -------- Total earnings $173,404 $183,420 $188,029 $219,785 $262,706 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 1.78 1.88 1.69 1.98 3.62 Fixed charges and preferred dividend requirements: Fixed charges above $ 97,514 $ 97,437 $111,006 $110,959 $ 72,498 Preferred dividend requirements (1) 925 1,910 4,387 3,878 41,394 -------- -------- -------- -------- -------- Total $ 98,439 $ 99,347 $115,393 $114,837 $113,892 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges and preferred dividend requirements 1.76 1.85 1.63 1.91 2.31
(1) Preferred dividend requirements have been grossed up to their pre-tax level.