PacifiCorp (PPWLM) 10-K 2003 FY Annual report

EXHIBIT 12.1

PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS)

	Years ended March 31,												Calendar year ended December 31, 1998
	2003			2002			2001			2000
Fixed Charges, as defined:*
Interest expense	$	270.2		$	228.1		$	290.4		$	341.4		$	371.6
Estimated interest portion of rentals charged to expense		7.0			10.2			2.9			5.2			5.7
Preferred dividends of wholly owned subsidiary *		47.7			45.3			(29.6	)		74.0			42.9
Total fixed charges	$	324.9		$	283.6		$	263.7		$	420.6		$	420.2
Earnings, as defined:*
Income (loss) from continuing operations	$	142.0		$	293.4		$	(88.2	)	$	82.6		$	110.6
Add (deduct):
Provision for income taxes		97.2			176.1			180.4			134.0			59.1
Minority interest		—			0.1			0.1			0.1			(0.7	)
Undistributed loss of less than 50% owned affiliates		—			—			1.4			2.6			10.3
Fixed charges as above		324.9			283.6			263.7			420.6			420.2
Total earnings	$	564.1		$	753.2		$	357.4		$	639.9		$	599.5
Ratio of Earnings to Fixed Charges		1.7	x		2.7	x		1.4	x		1.5	x		1.4	x

*

“Fixed charges” represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred stock dividend requirements of majority-owned subsidiaries. “Preferred dividends of wholly owned subsidiary” represents preferred dividends multiplied by the ratio which pre-tax income from continuing operations bears to income from continuing operations. “Earnings” represent the aggregate of (a) income from continuing operations, (b) taxes based on income from continuing operations, (c) minority interest in the income of majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e) undistributed income of less than 50% owned affiliates without loan guarantees.