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 September 30, | Twelve Months Ended | |||||||||||||||||
December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 191,053 | $ | 253,001 | $ | 204,138 | $ | 123,351 | $ | 151,347 | $ | 158,080 | ||||||
Adjust for distributed income of equity investees | (2,178 | ) | 4,659 | 8,509 | (9,018 | ) | (6,526 | ) | 2,464 | |||||||||
Fixed charges, as below | 67,334 | 89,819 | 87,162 | 86,249 | 85,579 | 78,543 | ||||||||||||
Total earnings, as defined | $ | 256,209 | $ | 347,479 | $ | 299,809 | $ | 200,582 | $ | 230,400 | $ | 239,087 | ||||||
Fixed charges, as defined: | ||||||||||||||||||
Interest charges (1) | $ | 65,970 | $ | 88,309 | $ | 85,359 | $ | 84,626 | $ | 84,651 | $ | 77,580 | ||||||
Rental interest factor | 1,364 | 1,510 | 1,803 | 1,623 | 928 | 963 | ||||||||||||
Total fixed charges, as defined | $ | 67,334 | $ | 89,819 | $ | 87,162 | $ | 86,249 | $ | 85,579 | $ | 78,543 | ||||||
Ratio of earnings to fixed charges | 3.81x | 3.87x | 3.44x | 2.33x | 2.69x | 3.04x | ||||||||||||
SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 191,053 | $ | 253,001 | $ | 204,138 | $ | 123,351 | $ | 151,347 | $ | 158,080 | ||||||
Adjust for distributed income of equity investees | (2,178 | ) | 4,659 | 8,509 | (9,018 | ) | (6,526 | ) | 2,464 | |||||||||
Supplemental fixed charges, as below | 67,599 | 90,324 | 87,793 | 87,035 | 86,643 | 80,028 | ||||||||||||
Total earnings, as defined | $ | 256,474 | $ | 347,984 | $ | 300,440 | $ | 201,368 | $ | 231,464 | $ | 240,572 | ||||||
Supplemental fixed charges: | ||||||||||||||||||
Interest charges (1) | $ | 65,970 | $ | 88,309 | $ | 85,359 | $ | 84,626 | $ | 84,651 | $ | 77,580 | ||||||
Rental interest factor | 1,364 | 1,510 | 1,803 | 1,623 | 928 | 963 | ||||||||||||
Supplemental increment to fixed charges (2) | 265 | 505 | 631 | 786 | 1,064 | 1,485 | ||||||||||||
Total supplemental fixed charges | $ | 67,599 | $ | 90,324 | $ | 87,793 | $ | 87,035 | $ | 86,643 | $ | 80,028 | ||||||
Supplemental ratio of earnings to fixed charges | 3.79x | 3.85x | 3.42x | 2.31x | 2.67x | 3.01x | ||||||||||||
(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. |