IDACORP (IDA) 10-Q2016 Q1 Quarterly report

Filed: 28 Apr 16, 12:00am

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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)



	Three months ended March 31,		Twelve Months Ended
			December 31,
	2016		2015		2014			2013		2012		2011
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	30,202	$	239,211	$	208,903		$	253,001	$	204,138	$	123,351
Adjust for distributed income of equity investees	2,907		1,060		(7,228		)	4,659		8,509		(9,018		)
Fixed charges, as below	23,578		93,164		89,751			89,819		87,162		86,249
Total earnings, as defined	$	56,687	$	333,435	$	291,426		$	347,479	$	299,809	$	200,582

Fixed charges, as defined:
Interest charges ⁽¹⁾	$	23,247	$	91,762	$	88,034		$	88,309	$	85,359	$	84,626
Rental interest factor	331		1,402		1,717			1,510		1,803		1,623
Total fixed charges, as defined	$	23,578	$	93,164	$	89,751		$	89,819	$	87,162	$	86,249
Ratio of earnings to fixed charges	2.40x		3.58x		3.25x			3.87x		3.44x		2.33x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	30,202	$	239,211	$	208,903		$	253,001	$	204,138	$	123,351
Adjust for distributed income of equity investees	2,907		1,060		(7,228		)	4,659		8,509		(9,018		)
Supplemental fixed charges, as below	23,624		93,406		90,095			90,324		87,793		87,035
Total earnings, as defined	$	56,733	$	333,677	$	291,770		$	347,984	$	300,440	$	201,368

Supplemental fixed charges:
Interest charges ⁽¹⁾	$	23,247	$	91,762	$	88,034		$	88,309	$	85,359	$	84,626
Rental interest factor	331		1,402		1,717			1,510		1,803		1,623
Supplemental increment to fixed charges ⁽²⁾	46		242		344			505		631		786
Total supplemental fixed charges	$	23,624	$	93,406	$	90,095		$	90,324	$	87,793	$	87,035
Supplemental ratio of earnings to fixed charges	2.40x		3.57x		3.24x			3.85x		3.42x		2.31x

⁽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.

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