Exhibit 12a
IDACORP, INC.
Consolidated Financial Information
Supplemental 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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| investees |
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| (3,943) |
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| (4,697) |
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| (837) |
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| (3,116) |
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| (1,620) |
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| (4,105) |
| Equity in loss of equity method |
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| investments |
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| - |
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| 458 |
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| 435 |
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| 186 |
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| 296 |
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| 156 |
| Minority interest in losses of majority |
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| owned subsidiaries |
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| - |
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| (125) |
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| (37) |
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| (1,468) |
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| (612) |
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| (348) |
| Supplemental fixed charges, as below |
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| 72,208 |
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| 72,496 |
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| 74,800 |
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| 75,800 |
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| 86,818 |
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| 67,784 | |
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| Total earnings, as defined |
| $ | 201,835 |
| $ | 201,938 |
| $ | 211,382 |
| $ | 282,103 |
| $ | 274,742 |
| $ | 118,522 |
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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 |
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| 8,445 |
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| 8,313 |
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| 8,886 |
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| 8,142 |
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| 3,168 |
| Rental interest factor |
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| 982 |
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| 801 |
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| 955 |
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| 1,036 |
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| 1,587 |
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| 1,535 | |
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| Total fixed charges |
| $ | 69,634 |
| $ | 69,923 |
| $ | 72,243 |
| $ | 73,261 |
| $ | 85,034 |
| $ | 66,191 |
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| Supplemental increment to fixed |
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| charges* |
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| 2,574 |
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| 2,573 |
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| 2,557 |
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| 2,539 |
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| 1,784 |
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| 1,593 |
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| Total supplemental fixed charges |
| $ | 72,208 |
| $ | 72,496 |
| $ | 74,800 |
| $ | 75,800 |
| $ | 86,818 |
| $ | 67,784 |
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Supplemental ratio of earnings to fixed |
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| charges |
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| 2.80x |
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| 2.79x |
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| 2.83x |
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| 3.72x |
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| 3.16x |
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| 1.75x | |
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*Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc. notes which are already included in operation expenses.