EX-12 3 ex12-11.htm EXHIBIT 12-1

 

 

Exhibit 12.1

IDACORP, Inc.

Consolidated Financial Information

Ratio of Earnings to Fixed Charges

 

 

 

Three Months

Twelve Months Ended

 

 

Ended

December 31,

 

 

March 31,

(Thousands of Dollars)

 

 

 

 

2008

2007

2006

2005

2004

2003

Earnings, as defined:

Income from continuing operations before income taxes

 $

27,300 

 $

96,003 

 $

115,452 

 $

103,326 

 $

60,830 

 $

31,063 

Adjust for distributed income of equity investees

4,036 

6,064 

(9,347)

(10,370)

1,990 

(2,136)

Equity in loss of equity method investments

- 

- 

- 

- 

-  

-  

Minority interest in losses of majority owned

subsidiaries

- 

- 

- 

- 

(48)

(435)

Fixed charges, as below

20,223 

72,879 

65,745 

64,379 

66,137 

68,134 

Total earnings, as defined

 $

51,559 

 $

174,946 

 $

171,850 

 $

157,335 

 $

128,909 

 $

96,626 

Fixed charges, as defined:

Interest charges1

 $

19,971 

 $

71,946 

 $

64,720 

 $

62,962 

 $

61,269 

 $

64,813 

Preferred stock dividends of  subsidiaries - gross up -

IDACORP rate

- 

- 

- 

- 

3,216 

1,915 

Rental interest factor

252 

933 

1,025 

1,417 

1,652 

1,406 

Total fixed charges, as defined

 $

20,223 

 $

72,879 

 $

65,745 

 $

64,379 

 $

66,137 

 $

68,134 

Ratio of earnings to fixed charges

2.55 x

2.40 x

2.61 x

2.44 x

1.95 x

1.42 x

1 FIN 48 interest is not included in interest charges.