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Content analysis
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Exhibit 12.3 | ||||||||||||
IDACORP, Inc. | ||||||||||||
Consolidated Financial Information | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Requirements | ||||||||||||
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| Six Months | Twelve Months Ended |
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| Ended | December 31, |
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| June 30, | (Thousands of Dollars) |
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| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||
Earnings, as defined: | ||||||||||||
Income from continuing operations before income taxes | $ | 51,757 | $ | 96,003 | $ | 115,452 | $ | 103,327 | $ | 60,830 | $ | 31,063 |
Adjust for distributed income of equity investees | 7,314 | 6,064 | (9,347) | (10,370) | 1,990 | (2,136) | ||||||
Equity in loss of equity method investments | - | - | - | - | - | - | ||||||
Minority interest in losses of majority owned | ||||||||||||
subsidiaries | - | - | - | - | (48) | (435) | ||||||
Fixed charges, as below | 38,934 | 72,879 | 65,745 | 64,379 | 66,137 | 68,134 | ||||||
Total earnings, as defined | $ | 98,005 | $ | 174,946 | $ | 171,850 | $ | 157,336 | $ | 128,909 | $ | 96,626 |
Fixed charges, as defined: | ||||||||||||
Interest charges1 | $ | 38,508 | $ | 71,946 | $ | 64,720 | $ | 62,962 | $ | 61,269 | $ | 64,813 |
Preferred stock dividends of subsidiaries - gross up - | ||||||||||||
IDACORP rate | - | - | - | - | 3,216 | 1,915 | ||||||
Rental interest factor | 426 | 933 | 1,025 | 1,417 | 1,652 | 1,406 | ||||||
Total fixed charges | $ | 38,934 | $ | 72,879 | $ | 65,745 | $ | 64,379 | $ | 66,137 | $ | 68,134 |
Preferred dividends requirements | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Total combined fixed charges | $ | 38,934 | $ | 72,879 | $ | 65,745 | $ | 64,379 | $ | 66,137 | $ | 68,134 |
Ratio of earnings to combined fixed charges and preferred | ||||||||||||
dividends | 2.52 x | 2.40 x | 2.61 x | 2.44 x | 1.95 x | 1.42 x | ||||||
1 FIN 48 interest is not included in interest charges. |