Exhibit 12
IDACORP, INC.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
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| Twelve Months Ended |
| Twelve Months | ||||||||||||||||
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| December 31, |
| Ended, | ||||||||||||||||
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| (Thousands of Dollars) |
| September 30, | ||||||||||||||||
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| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 | ||||||||
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Earnings, as defined: |
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| Income before income taxes |
| $ | 133,570 |
| $ | 133,806 |
| $ | 137,021 |
| $ | 210,701 |
| $ | 189,860 |
| $ | 55,035 | |
| Adjust for distributed income of equity |
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| |
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| investees |
|
| (3,943) |
|
| (4,697) |
|
| (837) |
|
| (3,116) |
|
| (1,620) |
|
| (4,105) |
| Equity in loss of equity method |
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| |
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| investments |
|
| - |
|
| 458 |
|
| 435 |
|
| 186 |
|
| 296 |
|
| 156 |
| Minority interest in losses of majority |
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| |
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| owned subsidiaries |
|
| - |
|
| (125) |
|
| (37) |
|
| (1,468) |
|
| (612) |
|
| (348) |
| Fixed charges, as below |
|
| 69,634 |
|
| 69,923 |
|
| 72,243 |
|
| 73,261 |
|
| 85,034 |
|
| 66,191 | |
|
| Total earnings, as defined |
| $ | 199,261 |
| $ | 199,365 |
| $ | 208,825 |
| $ | 279,564 |
| $ | 272,958 |
| $ | 116,929 |
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Fixed charges, as defined: |
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| Interest charges |
| $ | 60,761 |
| $ | 60,677 |
| $ | 62,975 |
| $ | 63,339 |
| $ | 75,305 |
| $ | 61,488 | |
| Preferred stock dividends of |
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| subsidiaries - gross up - |
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| IDACORP rate |
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| 7,891 |
|
| 8,445 |
|
| 8,313 |
|
| 8,886 |
|
| 8,142 |
|
| 3,168 |
| Rental interest factor |
|
| 982 |
|
| 801 |
|
| 955 |
|
| 1,036 |
|
| 1,587 |
|
| 1,535 | |
|
| Total fixed charges, as defined |
| $ | 69,634 |
| $ | 69,923 |
| $ | 72,243 |
| $ | 73,261 |
| $ | 85,034 |
| $ | 66,191 |
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Ratio of earnings to fixed charges |
|
| 2.86x |
|
| 2.85x |
|
| 2.89x |
|
| 3.82x |
|
| 3.21x |
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| 1.77x | ||
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