Exhibit 12c
IDACORP, INC.
Consolidated Financial Information
Supplemental Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements
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| Twelve | |||||||||||||||||
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| Twelve Months Ended |
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| December 31, |
| Ended | |||||||||||||||||
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| (Thousands of Dollars) |
| March 31, | |||||||||||||||||
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| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 | |||||||||
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Earnings, as defined: |
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| Income before income taxes |
| $ | 133,806 |
| $ | 137,021 |
| $ | 210,701 |
| $ | 189,860 |
| $ | 10,525 |
| $ | (26,572) | ||
| Adjust for distributed income of equity |
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| investees |
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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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| (2,544) |
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| (10,309) | |
| Equity in loss of equity method |
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| investments |
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| 458 |
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| 435 |
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| 186 |
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| 296 |
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| - |
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| - | |
| Minority interest in losses of majority |
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| owned subsidiaries |
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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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| (211) |
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| (232) | |
| Supplemental fixed charges and |
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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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| 64,257 |
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| 66,610 | ||
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| Preferred dividends, as below |
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| Total earnings, as defined |
| $ | 201,938 |
| $ | 211,382 |
| $ | 282,103 |
| $ | 274,742 |
| $ | 72,027 |
| $ | 29,497 | |
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Fixed charges, as defined: |
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| Interest charges |
| $ | 60,677 |
| $ | 62,975 |
| $ | 63,339 |
| $ | 75,305 |
| $ | 60,031 |
| $ | 66,269 | ||
| Preferred stock dividends of |
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| subsidiaries - gross up - |
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| IDACORP rate |
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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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| 857 |
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| (3,049) | |
| Rental interest factor |
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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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| 1,770 |
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| 1,782 | ||
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| Total fixed charges |
| $ | 69,923 |
| $ | 72,243 |
| $ | 73,261 |
| $ | 85,034 |
| $ | 62,658 |
| $ | 65,002 | |
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Supplemental increment to fixed charges* |
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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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| 1,599 |
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| 1,608 | |||
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Supplemental fixed charges |
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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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| 64,257 |
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| 66,610 | |||
Preferred dividends requirements |
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| - |
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| - |
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| - |
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| - |
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| - |
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| - | |||
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| Total combined supplemental |
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| �� |
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| $ | 72,496 |
| $ | 74,800 |
| $ | 75,800 |
| $ | 86,818 |
| $ | 64,257 |
| $ | 66,610 |
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Supplemental ratio of earnings to |
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| combined fixed charges and preferred |
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| dividends |
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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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| 1.12x |
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| 0.44x | ||
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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.