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) | ||||||||||||
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 | $ | 123,916 | $ | 158,080 | $ | 131,715 | $ | 111,965 | $ | 137,890 | $ | 115,764 |
Adjust for distributed income of equity investees | (7,283) | 2,464 | (6,772) | (5,553) | (9,347) | (10,370) | ||||||
Fixed charges, as below | 62,740 | 78,543 | 77,568 | 68,272 | 60,687 | 57,739 | ||||||
Total earnings, as defined | $ | 179,373 | $ | 239,087 | $ | 202,511 | $ | 174,684 | $ | 189,230 | $ | 163,133 |
Fixed charges, as defined: | ||||||||||||
Interest charges1 | $ | 62,013 | $ | 77,580 | $ | 76,711 | $ | 67,386 | $ | 59,955 | $ | 56,866 |
Rental interest factor | 727 | 963 | 857 | 886 | 732 | 873 | ||||||
Total fixed charges, as defined | $ | 62,740 | $ | 78,543 | $ | 77,568 | $ | 68,272 | $ | 60,687 | $ | 57,739 |
Ratio of earnings to fixed charges | 2.86 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 taxes | $ | 123,916 | $ | 158,080 | $ | 131,715 | $ | 111,965 | $ | 137,890 | $ | 115,764 |
Adjust for distributed income of equity investees | (7,283) | 2,464 | (6,772) | (5,553) | (9,347) | (10,370) | ||||||
Supplemental fixed charges, as below | 63,563 | 80,028 | 79,358 | 70,024 | 62,463 | 59,351 | ||||||
Total earnings, as defined | $ | 180,196 | $ | 240,572 | $ | 204,301 | $ | 176,436 | $ | 191,006 | $ | 164,745 |
Supplemental fixed charges: | ||||||||||||
Interest charges1 | $ | 62,013 | $ | 77,580 | $ | 76,711 | $ | 67,386 | $ | 59,955 | $ | 56,866 |
Rental interest factor | 727 | 963 | 857 | 886 | 732 | 873 | ||||||
Supplemental increment to fixed charges2 | 823 | 1,485 | 1,790 | 1,752 | 1,776 | 1,612 | ||||||
Total supplemental fixed charges | $ | 63,563 | $ | 80,028 | $ | 79,358 | $ | 70,024 | $ | 62,463 | $ | 59,351 |
Supplemental ratio of earnings to fixed charges | 2.83 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. |