Idaho Power 10-Q2014 Q1 Quarterly report

Filed: 1 May 14, 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)



	Three months ended March 31,			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	$	35,892		$	254,520	$	206,992	$	125,795		$	152,568		$	157,949
Adjust for distributed income of equity investees	(391		)	4,812		7,704		(8,993		)	(7,317		)	2,512
Fixed charges, as below	22,399			90,236		87,635		86,758			86,806			79,461
Total earnings, as defined	$	57,900		$	349,568	$	302,331	$	203,560		$	232,057		$	239,922

Fixed charges, as defined:
Interest charges ⁽¹⁾	$	22,000		$	88,695	$	85,799	$	85,097		$	85,840		$	78,457
Rental interest factor	399			1,541		1,836		1,661			966			1,004
Total fixed charges, as defined	$	22,399		$	90,236	$	87,635	$	86,758		$	86,806		$	79,461
Ratio of earnings to fixed charges		2.58x		3.87x		3.45x		2.35x			2.67x			3.02x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	35,892		$	254,520	$	206,992	$	125,795		$	152,568		$	157,949
Adjust for distributed income of equity investees	(391		)	4,812		7,704		(8,993		)	(7,317		)	2,512
Supplemental fixed charges, as below	22,495			90,741		88,266		87,544			87,870			80,946
Total earnings, as defined	$	57,996		$	350,073	$	302,962	$	204,346		$	233,121		$	241,407

Supplemental fixed charges:
Interest charges ⁽¹⁾	$	22,000		$	88,695	$	85,799	$	85,097		$	85,840		$	78,457
Rental interest factor	399			1,541		1,836		1,661			966			1,004
Supplemental increment to fixed charges ⁽²⁾	96			505		631		786			1,064			1,485
Total supplemental fixed charges	$	22,495		$	90,741	$	88,266	$	87,544		$	87,870		$	80,946
Supplemental ratio of earnings to fixed charges	2.58x			3.86x		3.43x		2.33x			2.65x			2.98x

⁽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.