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) | ||||||||||||
Nine Months | ||||||||||||
Ended | Twelve Months Ended | |||||||||||
September 30, | December 31, | |||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||
Earnings, as defined: | ||||||||||||
Income from continuing operations before income taxes | $ | 117,009 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 |
Adjust for distributed income of equity investees | (164) | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | ||||||
Fixed charges, as below | 63,787 | 79,461 | 81,172 | 72,879 | 65,745 | 64,379 | ||||||
Total earnings, as defined | $ | 180,632 | $ | 239,922 | $ | 203,962 | $ | 174,946 | $ | 171,850 | $ | 157,336 |
Fixed charges, as defined: | ||||||||||||
Interest charges1 | $ | 63,031 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 |
Rental interest factor | 756 | 1,004 | 890 | 933 | 1,025 | 1,417 | ||||||
Total fixed charges, as defined | $ | 63,787 | $ | 79,461 | $ | 81,172 | $ | 72,879 | $ | 65,745 | $ | 64,379 |
Ratio of earnings to fixed charges | 2.83 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 | $ | 117,009 | $ | 146,737 | $ | 117,614 | $ | 96,003 | $ | 115,452 | $ | 103,327 |
Adjust for distributed income of equity investees | (164) | 13,724 | 5,176 | 6,064 | (9,347) | (10,370) | ||||||
Supplemental fixed charges, as below | 64,610 | 80,946 | 82,962 | 74,631 | 67,521 | 65,991 | ||||||
Total earnings, as defined | $ | 181,455 | $ | 241,407 | $ | 205,752 | $ | 176,698 | $ | 173,626 | $ | 158,948 |
Supplemental fixed charges: | ||||||||||||
Interest charges1 | $ | 63,031 | $ | 78,457 | $ | 80,282 | $ | 71,946 | $ | 64,720 | $ | 62,962 |
Rental interest factor | 756 | 1,004 | 890 | 933 | 1,025 | 1,417 | ||||||
Supplemental increment to fixed charges2 | 823 | 1,485 | 1,790 | 1,752 | 1,776 | 1,612 | ||||||
Total supplemental fixed charges | $ | 64,610 | $ | 80,946 | $ | 82,962 | $ | 74,631 | $ | 67,521 | $ | 65,991 |
Supplemental ratio of earnings to fixed charges | 2.81 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. |