Idaho Power 10-K2014 FY Annual report

Filed: 19 Feb 15, 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,
	2014			2013		2012		2011			2010
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	210,526		$	254,520	$	206,992	$	125,795		$	152,568
Adjust for distributed income of equity investees	(6,797		)	4,812		7,704		(8,993		)	(7,317		)
Fixed charges, as below	90,012			90,236		87,635		86,758			86,806
Total earnings, as defined	$	293,741		$	349,568	$	302,331	$	203,560		$	232,057

Fixed charges, as defined:
Interest charges¹	$	88,265		$	88,695	$	85,799	$	85,097		$	85,840
Rental interest factor	1,747			1,541		1,836		1,661			966
Total fixed charges, as defined	$	90,012		$	90,236	$	87,635	$	86,758		$	86,806
Ratio of earnings to fixed charges	3.26x			3.87x		3.45x		2.35x			2.67x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	210,526		$	254,520	$	206,992	$	125,795		$	152,568
Adjust for distributed income of equity investees	(6,797		)	4,812		7,704		(8,993		)	(7,317		)
Supplemental fixed charges, as below	90,356			90,741		88,266		87,544			87,870
Total earnings, as defined	$	294,085		$	350,073	$	302,962	$	204,346		$	233,121

Supplemental fixed charges:
Interest charges¹	$	88,265		$	88,695	$	85,799	$	85,097		$	85,840
Rental interest factor	1,747			1,541		1,836		1,661			966
Supplemental increment to fixed charges²	344			505		631		786			1,064
Total supplemental fixed charges	$	90,356		$	90,741	$	88,266	$	87,544		$	87,870
Supplemental ratio of earnings to fixed charges	3.25x			3.86x		3.43x		2.33x			2.65x

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.