EX-12 169 esex12-2.htm

 

 

Exhibit 12.2

Idaho Power Company

Consolidated Financial Information

 Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges

(Thousands of Dollars)
             

Nine Months

Ended

Twelve Months Ended

September 30,

December 31,

 

2010

2009

2008

2007

2006

2005

RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:

Income from continuing operations before income taxes

 $

123,916 

 $

158,080 

 $

131,715 

 $

111,965 

 $

137,890 

 $

115,764 

Adjust for distributed income of equity investees

(7,283)

2,464 

(6,772)

(5,553)

(9,347)

(10,370)

Fixed charges, as below

62,740 

78,543 

77,568 

68,272 

60,687 

57,739 

Total earnings, as defined

 $

179,373 

 $

239,087 

 $

202,511 

 $

174,684 

 $

189,230 

 $

163,133 

Fixed charges, as defined:

Interest charges1

 $

62,013 

 $

77,580 

 $

76,711 

 $

67,386 

 $

59,955 

 $

56,866 

Rental interest factor

727 

963 

857 

886 

732 

873 

Total fixed charges, as defined

 $

62,740 

 $

78,543 

 $

77,568 

 $

68,272 

 $

60,687 

 $

57,739 

Ratio of earnings to fixed charges

2.86 x

3.04 x

2.61 x

2.56 x

3.12 x

2.83 x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:

Income from continuing operations before income taxes

 $

123,916 

 $

158,080 

 $

131,715 

 $

111,965 

 $

137,890 

 $

115,764 

Adjust for distributed income of equity investees

(7,283)

2,464 

(6,772)

(5,553)

(9,347)

(10,370)

Supplemental fixed charges, as below

63,563 

80,028 

79,358 

70,024 

62,463 

59,351 

Total earnings, as defined

 $

180,196 

 $

240,572 

 $

204,301 

 $

176,436 

 $

191,006 

 $

164,745 

Supplemental fixed charges:

Interest charges1

 $

62,013 

 $

77,580 

 $

76,711 

 $

67,386 

 $

59,955 

 $

56,866 

Rental interest factor

727 

963 

857 

886 

732 

873 

Supplemental increment to fixed charges2

823 

1,485 

1,790 

1,752 

1,776 

1,612 

Total supplemental fixed charges

 $

63,563 

 $

80,028 

 $

79,358 

 $

70,024 

 $

62,463 

 $

59,351 

Supplemental ratio of earnings to fixed charges

2.83 x

3.01 x

2.57 x

2.52 x

3.06 x

2.78 x

1 FIN 48 interest is not included in interest charges.

2 Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc.

notes which are already included in operation expenses.