EX-12.(A) 2 exh12a.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - UNISOURCE ENERGY Unassociated Document
EXHIBIT 12(a)
 
   
UniSource Energy Corporation
 
   
Computation of Ratio of Earnings to Fixed Charges
 
                       
                       
   
12 Months Ended
 
   
Dec. 31,
 
Dec. 31,
 
Dec. 31,
 
Dec. 31,
 
Dec. 31,
 
   
2005
 
2004
 
2003
 
2002
 
2001
 
 
 
- Thousands of Dollars -
 
Fixed Charges:
                               
Interest on Long-Term Debt
 
$
76,762
 
$
80,968
 
$
80,844
 
$
65,620
 
$
68,678
 
Other Interest (1)
   
3,153
   
1,947
   
3,709
   
2,123
   
1,287
 
Interest on Capital Lease Obligations
   
79,098
   
85,912
   
84,080
   
87,801
   
90,559
 
Total Fixed Charges
   
159,013
   
168,827
   
168,633
   
155,544
   
160,524
 
                                 
Net Income
   
46,144
   
45,919
   
113,941
   
34,928
   
63,839
 
 
                               
Less:
                               
Discontinued Operations - Net of Tax
   
(5,483
)
 
(5,063
)
 
(7,472
)
 
(12,919
)
 
(9,926
)
Extraordinary Income & Accounting Change -
Net of Tax
   
(626
)
 
-
   
67,471
   
-
   
470
 
Net Income from Continuing Operations
   
52,253
   
50,982
   
53,942
   
47,847
   
73,295
 
                                 
Add (Deduct):
                               
(Income) Losses from Equity Investees
   
(2,113
)
 
(7,121
)
 
3,051
   
3,047
   
10,748
 
Income Taxes
   
37,623
   
37,186
   
16,531
   
26,432
   
55,616
 
Total Fixed Charges
   
159,013
   
168,827
   
168,633
   
155,544
   
160,524
 
 
                               
Total Earnings before Taxes
and Fixed Charges
 
$
246,776
 
$
249,874
 
$
242,157
 
$
232,870
 
$
300,183
 
                                 
Ratio of Earnings to Fixed Charges
   
1.552
   
1.480
   
1.436
   
1.497
   
1.870
 
                                 
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.