EX-12 6 dex12_2.htm PACIFICORP10Q093023005EXHIBIT12.2

EXHIBIT 12.2

PACIFICORP

STATEMENTS OF COMPUTATION OF RATIO

OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(IN MILLIONS OF DOLLARS)

 

 

 

Six Months
Ended
Sept 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended March 31,

 

 

 

 

 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

Fixed Charges, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

139.4

 

$

267.4

 

$

256.5

 

$

270.3

 

$

228.1

 

$

290.4

 

Estimated interest portion of rentals charged to expense

 

 

5.0

 

 

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

 

 

144.4

 

 

276.1

 

 

284.8

 

 

325.0

 

 

283.6

 

 

263.7

 

Preferred stock dividends as defined:*

 

 

1.8

 

 

3.5

 

 

5.3

 

 

12.2

 

 

20.3

 

 

(18.8

)

 

 

 

 

 

 

 

 

Total fixed charges and preferred dividends

 

$

146.2

 

$

279.6

 

$

290.1

 

$

337.2

 

$

303.9

 

$

244.9

 

 

 

 

 

 

 

 

 

Earnings, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

85.8

 

$

251.7

 

$

249.0

 

$

142.0

 

$

293.4

 

$

(88.2

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

60.6

 

 

168.5

 

 

144.5

 

 

97.2

 

 

176.1

 

 

180.4

 

Minority interest

 

 

(0.1

)

 

0.4

 

 

—

 

 

—

 

 

0.1

 

 

0.1

 

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

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1.4

 

Fixed charges as above

 

 

144.4

 

 

276.1

 

 

284.8

 

 

325.0

 

 

283.6

 

 

263.7

 

 

 

 

 

 

 

 

 

Total earnings

 

$

290.7

 

$

696.7

 

$

678.3

 

$

564.2

 

$

753.2

 

$

357.4

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

 

2.0

x

 

2.5

x

 

2.3

x

 

1.7

x

 

2.5

x

 

1.5

x

 

 

 

 

 

 

 

 

* Fixed charges represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred dividends of wholly-owned subsidiaries. Preferred stock dividends represent preferred dividend requirements 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.