EX-12 11 p10k33105ex121.htm PACIFICORP 3/31/05 10-K EXHIBIT 12.1

EXHIBIT 12.1

PACIFICORP

STATEMENTS OF COMPUTATION OF RATIO

OF EARNINGS TO FIXED CHARGES

(IN MILLIONS OF DOLLARS)

 

 

 

Years ended March 31,

 

 

 

 

 

 

2005

   

2004

   

2003

   

2002

   

2001

 

 

 

 

 

 

 

 

Fixed Charges, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

267.4

 

$

256.5

 

$

270.3

 

$

228.1

 

$

290.4

 

Estimated interest portion of rentals charged to expense

 

 

8.7

 

 

9.8

 

 

7.0

 

 

10.2

 

 

2.9

 

Preferred dividends of wholly owned subsidiaries *

 

 

—

 

 

18.5

 

 

47.7

 

 

45.3

 

 

(29.6

)

 

 

 

 

 

 

 

Total fixed charges

 

$

276.1

 

$

284.8

 

$

325.0

 

$

283.6

 

$

263.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

251.7

 

$

249.0

 

$

142.0

 

$

293.4

 

$

(88.2

)

Add (deduct)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

168.5

 

 

144.5

 

 

97.2

 

 

176.1

 

 

180.4

 

Minority interest

 

 

0.4

 

 

—

 

 

—

 

 

0.1

 

 

0.1

 

Undistributed loss (income) of less than 50% owned affiliates

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1.4

 

Fixed charges as above

 

 

276.1

 

 

284.8

 

 

325.0

 

 

283.6

 

 

263.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

696.7

 

$

678.3

 

$

564.2

 

$

753.2

 

$

357.4

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.5

x

 

2.4

x

 

1.7

x

 

2.7

x

 

1.4

x

 

 

 

 

 

 

 

* Fixed charges represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred dividends of wholly-owned subsidiaries. Preferred dividends of wholly-owned subsidiaries represents preferred dividends multiplied by the ratio which pre-tax income from continuing operations bears to income from continuing operations. Earnings represent the aggregate of (a) income from continuing operations, (b) taxes based on income from continuing operations, (c) minority interest in the income of majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e) undistributed income of less than 50% owned affiliates without loan guarantees.