EX-12 2 v08113_ex-12.htm

           

EXHIBIT 12

                     
AVISTA CORPORATION
                     
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend Requirements
Consolidated
(Thousands of Dollars)

                       
   
12 months
                  
   
ended
                  
   
September 30,
  
Years Ended December 31
  
   
2004
  
2003
  
2002
  
2001
  
2000
  
Fixed charges, as defined:
                      
Interest expense
  
$
85,174
  
$
85,013
  
$
96,005
  
$
100,180
  
$
64,765
  
Amortization of debt expense and premium - net
    
8,190
   
7,972
   
8,861
   
5,639
   
3,409
 
Interest portion of rentals
    
4,336
   
4,452
   
6,140
   
5,140
   
4,324
 
                                 
Total fixed charges
  
$
97,700
  
$
97,437
  
$
111,006
  
$
110,959
  
$
72,498
  
                                 
                                 
Earnings, as defined:
                                
Income from continuing operations
  
$
28,136
  
$
50,643
  
$
42,174
  
$
68,241
  
$
109,065
  
Add (deduct):
                                
Income tax expense
    
17,647
   
35,340
   
34,849
   
40,585
   
81,143
 
        Total fixed charges above
    
97,700
   
97,437
   
111,006
   
110,959
   
72,498
 
                                 
Total earnings
  
$
143,483
  
$
183,420
  
$
188,029
  
$
219,785
  
$
262,706
  
                                 
                                 
Ratio of earnings to fixed charges
    
1.47
   
1.88
   
1.69
   
1.98
   
3.62
 
                                 
                                 
Fixed charges and preferred dividend requirements:
                                
Fixed charges above
  
$
97,700
  
$
97,437
  
$
111,006
  
$
110,959
  
$
72,498
  
Preferred dividend requirements(1)
   
— 
    
1,910
   
4,387
   
3,878
   
41,394
 
                                 
Total
  
$
97,700
  
$
99,347
  
$
115,393
  
$
114,837
  
$
113,892
  
                                 
                                 
                                 
 
                                
Ratio of earnings to fixed charges and preferred dividend requirements
    
1.47
   
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.