Exhibit



	Six months ended June 30,		Twelve Months Ended
			December 31,
	2017		2016		2015		2014			2013		2012
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	106,225	$	234,517	$	240,235	$	210,526		$	254,520	$	206,992
Adjust for distributed income of equity investees	6,063		12,770		1,330		(6,797		)	4,812		7,704
Fixed charges, as below	46,967		93,857		93,409		90,012			90,236		87,635
Total earnings, as defined	$	159,255	$	341,144	$	334,974	$	293,741		$	349,568	$	302,331

Fixed charges, as defined:
Interest charges ⁽¹⁾	$	46,068	$	92,229	$	91,978	$	88,265		$	88,695	$	85,799
Rental interest factor	899		1,628		1,431		1,747			1,541		1,836
Total fixed charges, as defined	$	46,967	$	93,857	$	93,409	$	90,012		$	90,236	$	87,635
Ratio of earnings to fixed charges	3.39x		3.63x		3.59x		3.26x			3.87x		3.45x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	106,225	$	234,517	$	240,235	$	210,526		$	254,520	$	206,992
Adjust for distributed income of equity investees	6,063		12,770		1,330		(6,797		)	4,812		7,704
Supplemental fixed charges, as below	47,070		94,075		93,651		90,356			90,741		88,266
Total earnings, as defined	$	159,358	$	341,362	$	335,216	$	294,085		$	350,073	$	302,962

Supplemental fixed charges:
Interest charges ⁽¹⁾	$	46,068	$	92,229	$	91,978	$	88,265		$	88,695	$	85,799
Rental interest factor	899		1,628		1,431		1,747			1,541		1,836
Supplemental increment to fixed charges ⁽²⁾	103		218		242		344			505		631
Total supplemental fixed charges	$	47,070	$	94,075	$	93,651	$	90,356		$	90,741	$	88,266
Supplemental ratio of earnings to fixed charges	3.39x		3.63x		3.58x		3.25x			3.86x		3.43x

⁽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.