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) | ||||||||||||||
Six Months | ||||||||||||||
Ended | Twelve Months Ended | |||||||||||||
June 30, | December 31, | |||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||
Earnings, as defined: | ||||||||||||||
Income from continuing operations before income |
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taxes | $ | 39,770 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 | ||
Adjust for distributed income of equity investees | 1,998 | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | ||||||||
Fixed charges, as below | 42,255 | 79,461 | 81,172 | 72,879 | 65,745 | 64,379 | ||||||||
Total earnings, as defined | $ | 84,023 | $ | 239,922 | $ | 203,962 | $ | 174,946 | $ | 171,850 | $ | 157,336 | ||
Fixed charges, as defined: | ||||||||||||||
Interest charges1 | $ | 41,743 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 | ||
Rental interest factor | 512 | 1,004 | 890 | 933 | 1,025 | 1,417 | ||||||||
Total fixed charges, as defined | $ | 42,255 | $ | 79,461 | $ | 81,172 | $ | 72,879 | $ | 65,745 | $ | 64,379 | ||
Ratio of earnings to fixed charges | 1.99 x | 3.02 x | 2.51 x | 2.40 x | 2.61 x | 2.44 x | ||||||||
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED | ||||||||||||||
CHARGES | ||||||||||||||
Earnings: | ||||||||||||||
Income from continuing operations before income |
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taxes | $ | 39,770 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 | ||
Adjust for distributed income of equity investees | 1,998 | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | ||||||||
Supplemental fixed charges, as below | 42,835 | 80,946 | 82,962 | 74,631 | 67,521 | 65,991 | ||||||||
Total earnings, as defined | $ | 84,603 | $ | 241,407 | $ | 205,752 | $ | 176,698 | $ | 173,626 | $ | 158,948 | ||
Supplemental fixed charges, as defined: | ||||||||||||||
Interest charges1 | $ | 41,743 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 | ||
Rental interest factor | 512 | 1,004 | 890 | 933 | 1,025 | 1,417 | ||||||||
Supplemental increment to fixed charges2 | 580 | 1,485 | 1,790 | 1,752 | 1,776 | 1,612 | ||||||||
Total supplemental fixed charges | $ | 42,835 | $ | 80,946 | $ | 82,962 | $ | 74,631 | $ | 67,521 | $ | 65,991 | ||
Supplemental ratio of earnings to fixed charges | 1.98 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. | ||||||||||||||