Exhibit 12.2 | ||||||||||||||
Idaho Power Company | ||||||||||||||
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 | $ | 44,539 | $ | 158,080 | $ | 131,715 | $ | 111,965 | $ | 137,890 | $ | 115,764 | ||
Adjust for distributed income of equity investees | (2,335) | 2,464 | (6,772) | (5,553) | (9,347) | (10,370) | ||||||||
Fixed charges, as below | 41,279 | 78,543 | 77,568 | 68,272 | 60,687 | 57,739 | ||||||||
Total earnings, as defined | $ | 83,483 | $ | 239,087 | $ | 202,511 | $ | 174,684 | $ | 189,230 | $ | 163,133 | ||
Fixed charges, as defined: | ||||||||||||||
Interest charges1 | $ | 40,786 | $ | 77,580 | $ | 76,711 | $ | 67,386 | $ | 59,955 | $ | 56,866 | ||
Rental interest factor | 493 | 963 | 857 | 886 | 732 | 873 | ||||||||
Total fixed charges | $ | 41,279 | $ | 78,543 | $ | 77,568 | $ | 68,272 | $ | 60,687 | $ | 57,739 | ||
Ratio of earnings to fixed charges | 2.02 x | 3.04 x | 2.61 x | 2.56 x | 3.12 x | 2.83 x | ||||||||
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED | ||||||||||||||
CHARGES | ||||||||||||||
Earnings, as defined: | ||||||||||||||
Income from continuing operations before income |
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taxes | $ | 44,539 | $ | 158,080 | $ | 131,715 | $ | 111,965 | $ | 137,890 | $ | 115,764 | ||
Adjust for distributed income of equity investees | (2,335) | 2,464 | (6,772) | (5,553) | (9,347) | (10,370) | ||||||||
Supplemental fixed charges, as below | 41,859 | 80,028 | 79,358 | 70,024 | 62,463 | 59,351 | ||||||||
Total earnings | $ | 84,063 | $ | 240,572 | $ | 204,301 | $ | 176,436 | $ | 191,006 | $ | 164,745 | ||
Supplemental fixed charges: | ||||||||||||||
Interest charges1 | $ | 40,786 | $ | 77,580 | $ | 76,711 | $ | 67,386 | $ | 59,955 | $ | 56,866 | ||
Rental interest factor | 493 | 963 | 857 | 886 | 732 | 873 | ||||||||
Supplemental increment to fixed charges2 | 580 | 1,485 | 1,790 | 1,752 | 1,776 | 1,612 | ||||||||
Total supplemental fixed charges | $ | 41,859 | $ | 80,028 | $ | 79,358 | $ | 70,024 | $ | 62,463 | $ | 59,351 | ||
Supplemental ratio of earnings to fixed charges | 2.01 x | 3.01 x | 2.57 x | 2.52 x | 3.06 x | 2.78 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. | ||||||||||||||