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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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Three | Twelve Months Ended | |||||||||||||||||||
Months Ended | December 31, | |||||||||||||||||||
March 31, | (Thousands of Dollars) | |||||||||||||||||||
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| |||||||||||||||||||
2007 | 2006 | 2005 |
| 2004 |
| 2003 |
| 2002 | ||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||
before income taxes | $ | 29,478 | $ | 115,452 | $ | 103,327 | $ | 60,830 | $ | 31,063 | $ | 22,036 | ||||||||
Adjust for distributed income of equity | ||||||||||||||||||||
investees | 1,326 | (9,347) | (10,370) | 1,990 | (2,136) | (2,544) | ||||||||||||||
Equity in loss of equity method | ||||||||||||||||||||
investments | - | - | - | - | - | - | ||||||||||||||
Minority interest in losses of majority | ||||||||||||||||||||
owned subsidiaries | - | - | - | (48) | (435) | (211) | ||||||||||||||
Supplemental fixed charges and | ||||||||||||||||||||
Preferred dividends, as below | 17,327 | 67,521 | 65,991 | 67,654 | 69,679 | 64,257 | ||||||||||||||
Total earnings, as defined | $ | 48,131 | $ | 173,626 | $ | 158,948 | $ | 130,426 | $ | 98,171 | $ | 83,538 | ||||||||
Fixed charges, as defined: | ||||||||||||||||||||
Interest charges | $ | 16,691 | $ | 64,720 | $ | 62,962 | $ | 61,269 | $ | 64,813 | $ | 60,031 | ||||||||
Preferred stock dividends of | ||||||||||||||||||||
subsidiaries - gross up - | ||||||||||||||||||||
IDACORP rate | - | - | - | 3,216 | 1,915 | 857 | ||||||||||||||
Rental interest factor | 202 | 1,025 | 1,417 | 1,652 | 1,406 | 1,770 | ||||||||||||||
Total fixed charges | $ | 16,893 | $ | 65,745 | $ | 64,379 | $ | 66,137 | $ | 68,134 | $ | 62,658 | ||||||||
Supplemental increment to fixed charges * | 434 | 1,776 | 1,612 | 1,517 | 1,545 | 1,599 | ||||||||||||||
Supplemental fixed charges | 17,327 | 67,521 | 65,991 | 67,654 | 69,679 | 64,257 | ||||||||||||||
Preferred dividends requirements | - | - | - | - | - | - | ||||||||||||||
Total combined supplemental | $ | 17,327 | $ | 67,521 | $ | 65,991 | $ | 67,654 | $ | 69,679 | $ | 64,257 | ||||||||
Supplemental ratio of earnings to | ||||||||||||||||||||
combined fixed charges and preferred | ||||||||||||||||||||
Dividends | 2.78x | 2.57x | 2.41x | 1.93x | 1.41x | 1.30x | ||||||||||||||
*Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc. notes which are already included in operating expenses.