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Content analysis
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Exhibit 12.1 | |||||||||||||
IDACORP, Inc. | |||||||||||||
Consolidated Financial Information | |||||||||||||
Ratio of Earnings to Fixed Charges and Supplemental Ratio of Earnings to Fixed Charges | |||||||||||||
(Thousands of Dollars) | |||||||||||||
Three Months | |||||||||||||
Ended | Twelve Months Ended | ||||||||||||
March 31, | December 31, | ||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
Earnings, as defined: | |||||||||||||
Income from continuing operations before income taxes | $ | 17,162 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 | |
Adjust for distributed income of equity investees | 2,378 | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | |||||||
Supplemental fixed charges, as below | 21,444 | 79,461 | 81,172 | 72,879 | 65,745 | 64,379 | |||||||
Total earnings, as defined | $ | 40,984 | $ | 239,922 | $ | 203,962 | $ | 174,946 | $ | 171,850 | $ | 157,336 | |
Fixed charges, as defined: | |||||||||||||
Interest charges1 | $ | 21,180 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 | |
Rental interest factor | 264 | 1,004 | 890 | 933 | 1,025 | 1,417 | |||||||
Total fixed charges, as defined | $ | 21,444 | $ | 79,461 | $ | 81,172 | $ | 72,879 | $ | 65,745 | $ | 64,379 | |
Ratio of earnings to fixed charges | 1.91 x | 3.02 x | 2.51 x | 2.40 x | 2.61 x | 2.44 x | |||||||
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
Earnings, as defined: | |||||||||||||
Income from continuing operations before income taxes | $ | 17,162 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 | |
Adjust for distributed income of equity investees | 2,378 | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | |||||||
Supplemental fixed charges, as below | 21,771 | 80,946 | 82,962 | 74,631 | 67,521 | 65,991 | |||||||
Total earnings, as defined | $ | 41,311 | $ | 241,407 | $ | 205,752 | $ | 176,698 | $ | 173,626 | $ | 158,948 | |
Supplemental fixed charges, as defined: | |||||||||||||
Interest charges1 | $ | 21,180 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 | |
Rental interest factor | 264 | 1,004 | 890 | 933 | 1,025 | 1,417 | |||||||
Supplemental increment to fixed charges2 | 327 | 1,485 | 1,790 | 1,752 | 1,776 | 1,612 | |||||||
Total fixed charges, as defined | $ | 21,771 | $ | 80,946 | $ | 82,962 | $ | 74,631 | $ | 67,521 | $ | 65,991 | |
Supplemental ratio of earnings to fixed charges | 1.90 x | 2.98 x | 2.48 x | 2.37 x | 2.57 x | 2.41 x | |||||||
1 FIN 48 interest is not included in interest charges. | |||||||||||||
2 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. | |||||||||||||