Idaho Power 10-K2012 FY Annual report

Filed: 21 Feb 13, 12:00am

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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)




	Twelve Months Ended
	December 31,
	2012		2011		2010		2009		2008
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	195,047	$	114,729	$	141,729	$	146,737	$	117,614
Adjust for distributed income of equity investees	19,649		2,073		3,522		13,724		5,176
Fixed charges, as below	87,635		86,758		86,806		79,461		81,172
Total earnings, as defined	$	302,331	$	203,560	$	232,057	$	239,922	$	203,962

Fixed charges, as defined:
Interest charges¹	$	85,799	$	85,097	$	85,840	$	78,457	$	80,282
Rental interest factor	1,836		1,661		966		1,004		890
Total fixed charges, as defined	$	87,635	$	86,758	$	86,806	$	79,461	$	81,172
Ratio of earnings to fixed charges	3.45x		2.35x		2.67x		3.02x		2.51x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	195,047	$	114,729	$	141,729	$	146,737	$	117,614
Adjust for distributed income of equity investees	19,649		2,073		3,522		13,724		5,176
Supplemental fixed charges, as below	88,266		87,544		87,870		80,946		82,962
Total earnings, as defined	$	302,962	$	204,346	$	233,121	$	241,407	$	205,752

Supplemental fixed charges:
Interest charges¹	$	85,799	$	85,097	$	85,840	$	78,457	$	80,282
Rental interest factor	1,836		1,661		966		1,004		890
Supplemental increment to fixed charges²	631		786		1,064		1,485		1,790
Total supplemental fixed charges	$	88,266	$	87,544	$	87,870	$	80,946	$	82,962
Supplemental ratio of earnings to fixed charges	3.43x		2.33x		2.65x		2.98x		2.48x

¹FIN 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.