Exhibit 12(a)
IDACORP, INC.
Consolidated Financial Information
Supplemental Ratio of Earnings to Fixed Charges
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| Twelve Months Ended |
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| December 31, |
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| (Thousands of Dollars) |
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| September 30, | ||||||||||||||||
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| 1999 |
| 2000 |
| 2001 |
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| 2004 | ||||||||
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Earnings, as defined: |
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| Income before income taxes |
| $ | 137,021 |
| $ | 210,701 |
| $ | 189,860 |
| $ | 10,525 |
| $ | 25,459 |
| $ | 34,268 | |
| Adjust for distributed income of equity |
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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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| (20,536) |
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| 25,580 | |
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| investees |
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| Equity in loss of equity method |
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| investments |
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| 435 |
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| 186 |
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| 296 |
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| - |
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| - |
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| - |
| Minority interest in losses of majority |
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| owned subsidiaries |
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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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| (435) |
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| (171) |
| Supplemental fixed charges, as below |
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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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| 69,679 |
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| 67,455 | |
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| Total earnings, as defined |
| $ | 211,382 |
| $ | 282,103 |
| $ | 274,742 |
| $ | 72,027 |
| $ | 74,167 |
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| 127,132 |
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Fixed charges, as defined: |
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| Interest charges |
| $ | 62,975 |
| $ | 63,339 |
| $ | 75,305 |
| $ | 60,031 |
| $ | 64,813 |
| $ | 61,128 | |
| Preferred stock dividends of |
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| subsidiaries - gross up - |
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| IDACORP rate |
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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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| 1,915 |
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| 3,151 |
| Rental interest factor |
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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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| 1,406 |
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| 1,640 | |
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| Total fixed charges |
| $ | 72,243 |
| $ | 73,261 |
| $ | 85,034 |
| $ | 62,658 |
| $ | 68,134 |
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| 65,919 |
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| Supplemental increment to fixed |
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| charges * |
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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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| 1,545 |
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| 1,536 |
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| Total supplemental fixed charges |
| $ | 74,800 |
| $ | 75,800 |
| $ | 86,818 |
| $ | 64,257 |
| $ | 69,679 |
| $ | 67,455 |
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Supplemental ratio of earnings to fixed |
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| Charges |
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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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| 1.06x |
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| 1.88x | |
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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.