Exhibit 12b
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
2011 | 2011 | 2010* | 2009* | 2008* | 2007* | 2006* | ||||||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 36,493 | $ | 48,617 | $ | 42,378 | $ | 36,226 | $ | 47,456 | $ | 50,230 | $ | 51,422 | ||||||||||||||
Other Interest(1) | 746 | 1,612 | 433 | 1,571 | 1,367 | 4,538 | 6,436 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 33,568 | 46,565 | 52,534 | 53,670 | 57,252 | 64,477 | 72,556 | |||||||||||||||||||||
Estimated Interest Portion of Rental Expense | 19 | 37 | 72 | 106 | 130 | 160 | 188 | |||||||||||||||||||||
Total Fixed Charges | $ | 70,826 | $ | 96,831 | $ | 95,417 | $ | 91,573 | $ | 106,205 | $ | 119,405 | $ | 130,602 | ||||||||||||||
Net Income | $ | 83,773 | $ | 93,898 | $ | 108,260 | $ | 90,688 | $ | 7,206 | $ | 55,591 | $ | 67,306 | ||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
(Income) Losses from Equity Investees | — | — | — | — | (1,381 | ) | — | (320 | ) | |||||||||||||||||||
Income Taxes | 52,104 | 53,593 | 59,936 | 54,220 | 12,729 | 36,940 | 42,845 | |||||||||||||||||||||
Total Fixed Charges | 70,826 | 96,831 | 95,417 | 91,573 | 106,205 | 119,405 | 130,602 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 206,703 | $ | 244,322 | $ | 263,613 | $ | 236,481 | $ | 124,759 | $ | 211,936 | $ | 240,433 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 2.918 | 2.523 | 2.763 | 2.582 | 1.175 | 1.775 | 1.841 |
* | As revised. See Note 1 to the financial statements for more information. | |
(1) | Excludes recognition of Allowance for Borrowed Funds Used During Construction. |