EX-12 3 p0331200210kex121.htm PACIFICORP 3/31/2002 10-K EXHIBIT 12.1 EXHIBIT 12.1

EXHIBIT 12.1


PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(Unaudited)
 

   Years Ended March 31,    

Years Ended December 31,

(Millions of dollars)

2002

2001

2000

1998

1997


Fixed Charges, as defined:*
  Interest expense
  Estimated interest portion of rentals
    charged to expense
  Preferred dividends of wholly owned
    subsidiary

Total fixed charges



$228.1 

10.2 

  45.3 

$283.6 



$  290.4 

2.9 

   (29.6)

$  263.7 



$  341.4 

5.2 

    74.0 

$  420.6 



$  371.6 

5.7 

    42.9 

$  420.2 



$  438.1 

6.6 

    32.9 

$  477.6 


Earnings, as defined:*
  Income (loss) from continuing operations
  Add (deduct):
    Provision for income taxes
    Minority interest
    Undistributed (income) loss of
      less than 50% owned affiliates
    Fixed charges as above

Total earnings



$293.4 

176.1 
0.1 

- 
 283.6 

$753.2 



$  (88.2)

180.4 
0.1 

1.4 
   263.7 

$  357.4 



$  82.6 

134.0 
0.1 

2.6 
   420.6 

$  639.9 



$  110.6 

59.1 
(0.7)

10.3 
   420.2 

$  599.5 



$  232.9 

111.8 
1.9 

(11.1)
   477.6 

$  813.1 


Ratio of Earnings to Fixed Charges


2.7x


1.4x


1.5x


1.4x


1.7x

*"Fixed charges" represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred dividend requirements of majority-owned subsidiaries. "Earnings" represent the aggregate of (a) income (loss) from continuing operations, (b) taxes based on income (loss) from continuing operations, (c) minority interest in the income of majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e) undistributed (income) loss of less than 50% owned affiliates without loan guarantees.