Exhibit 12(b)
IDACORP, INC.
Consolidated Financial Information
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements
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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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| 2003 |
| 2004 | |||||||||
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Earnings, as defined: |
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| Income before income taxes |
| $ | 137,021 |
| $ | 210,701 |
| $ | 189,860 |
| $ | 10,525 |
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| 25,459 |
| $ | 34,268 | ||
| Adjust for distributed income of equity |
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| 25,580 | ||
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| investees |
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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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| 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) | |
| Fixed charges, as below |
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| 72,243 |
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| 73,261 |
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| 85,034 |
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| 62,658 |
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| 68,134 |
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| 65,919 | ||
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| Total earnings, as defined |
| $ | 208,825 |
| $ | 279,564 |
| $ | 272,958 |
| $ | 70,428 |
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| 72,622 |
| $ | 125,596 | |
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Fixed charges, as defined: |
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| Interest charges |
| $ | 62,975 |
| $ | 63,339 |
| $ | 75,305 |
| $ | 60,031 |
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| 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 |
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| 62,658 |
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| 68,134 |
| $ | 65,919 | |
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| 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 fixed charges |
| $ | 72,243 |
| $ | 73,261 |
| $ | 85,034 |
| $ | 62,658 |
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| 68,134 |
| $ | 65,919 | |
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Ratio of earnings to combined fixed |
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| charges and preferred dividends |
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| 2.89x |
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| 3.82x |
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| 3.21x |
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| 1.12x |
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| 1.07x |
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| 1.91x | ||
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