EX-12.2 4 ida63012ex122.htm IDAHO POWER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES IDA 6.30.12 Ex 12.2


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)

 
Six months ended
June 30,
 
 
 
 
 
 
Twelve Months Ended
 
December 31,
 
2012
2011
2010 
2009 
2008 
2007 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
83,483

$
123,351

$
151,347

$
158,080

$
131,715

$
111,965

Adjust for distributed income of equity investees
173

(9,018
)
(6,526
)
2,464

(6,772
)
(5,553
)
Fixed charges, as below
43,477

86,249

85,579

78,543

77,568

68,272

Total earnings, as defined
$
127,133

$
200,582

$
230,400

$
239,087

$
202,511

$
174,684

 
 
 
 
 
 
 
Fixed charges, as defined:
 
 
 
 
 
 
Interest charges1
$
42,721

$
84,626

$
84,651

$
77,580

$
76,711

$
67,386

Rental interest factor
756

1,623

928

963

857

886

Total fixed charges, as defined
$
43,477

$
86,249

$
85,579

$
78,543

$
77,568

$
68,272

Ratio of earnings to fixed charges
2.92x

2.33x

2.69x

 3.04x

 2.61x

 2.56x

 
 
 
 
 
 
 
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as defined:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
83,483

$
123,351

$
151,347

$
158,080

$
131,715

$
111,965

Adjust for distributed income of equity investees
173

(9,018
)
(6,526
)
2,464

(6,772
)
(5,553
)
Supplemental fixed charges, as below
43,799

87,035

86,643

80,028

79,358

70,024

Total earnings, as defined
$
127,455

$
201,368

$
231,464

$
240,572

$
204,301

$
176,436

 
 
 
 
 
 
 
Supplemental fixed charges:
 
 
 
 
 
 
Interest charges1
$
42,721

$
84,626

$
84,651

$
77,580

$
76,711

$
67,386

Rental interest factor
756

1,623

928

963

857

886

Supplemental increment to fixed charges2
322

786

1,064

1,485

1,790

1,752

Total supplemental fixed charges
$
43,799

$
87,035

$
86,643

$
80,028

$
79,358

$
70,024

Supplemental ratio of earnings to fixed charges
2.91x

2.31x

2.67x

3.01x

2.57x

 2.52x

 
 
 
 
 
 
 
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.