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Exhibit 12(c)
IDACORP, INC.
Consolidated Financial Information
Supplemental Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements
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Twelve Months Ended | |||||||||||||||||||
Nine months | December 31, | ||||||||||||||||||
ended | (Thousands of Dollars) | ||||||||||||||||||
September 30, |
| ||||||||||||||||||
2006 | 2005 |
| 2004 |
| 2003 |
| 2002 | 2001 | |||||||||||
Earnings, as defined: | |||||||||||||||||||
Income from continuing operations | |||||||||||||||||||
before income taxes | $ | 108,139 | $ | 103,327 | $ | 60,830 | $ | 31,063 | $ | 22,036 | $ | 206,972 | |||||||
Adjust for distributed income of equity | |||||||||||||||||||
investees | (5,995) | (10,370) | 1,990 | (2,136) | (2,544) | (1,620) | |||||||||||||
Equity in loss of equity method | |||||||||||||||||||
investments | - | - | - | - | - | 296 | |||||||||||||
Minority interest in losses of majority | |||||||||||||||||||
owned subsidiaries | - | - | (48) | (435) | (211) | (612) | |||||||||||||
Supplemental fixed charges and | |||||||||||||||||||
Preferred dividends, as below | 50,349 | 65,991 | 67,654 | 69,679 | 64,257 | 86,818 | |||||||||||||
Total earnings, as defined | $ | 152,493 | $ | 158,948 | $ | 130,426 | $ | 98,171 | $ | 83,538 | $ | 291,854 | |||||||
Fixed charges, as defined: | |||||||||||||||||||
Interest charges | $ | 48,260 | $ | 62,962 | $ | 61,269 | $ | 64,813 | $ | 60,031 | $ | 75,305 | |||||||
Preferred stock dividends of | |||||||||||||||||||
subsidiaries - gross up - | |||||||||||||||||||
IDACORP rate | - | - | 3,216 | 1,915 | 857 | 8,142 | |||||||||||||
Rental interest factor | 767 | 1,417 | 1,652 | 1,406 | 1,770 | 1,587 | |||||||||||||
Total fixed charges | $ | 49,027 | $ | 64,379 | $ | 66,137 | $ | 68,134 | $ | 62,658 | $ | 85,034 | |||||||
Supplemental increment to fixed charges * | 1,322 | 1,612 | 1,517 | 1,545 | 1,599 | 1,784 | |||||||||||||
Supplemental fixed charges | 50,349 | 65,991 | 67,654 | 69,679 | 64,257 | 86,818 | |||||||||||||
Preferred dividends requirements | - | - | - | - | - | - | |||||||||||||
Total combined supplemental | $ | 50,349 | $ | 65,991 | $ | 67,654 | $ | 69,679 | $ | 64,257 | $ | 86,818 | |||||||
Supplemental ratio of earnings to | |||||||||||||||||||
combined fixed charges and preferred | |||||||||||||||||||
Dividends | 3.03x | 2.41x | 1.93x | 1.41x | 1.30x | 3.36x | |||||||||||||
*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.