PacifiCorp (PPWLM) 10-K2008 FY Annual report

Filed: 27 Feb 09, 12:00am

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EXHIBIT 12.2

PACIFICORP

STATEMENTS OF COMPUTATION OF RATIO

OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

(DOLLARS IN MILLIONS)

							Nine-Month
	Years Ended December 31,						Period Ended			Years Ended March 31,
	2008			2007			December 31, 2006			2006			2005

Fixed Charges, as defined*
Interest expense	$	343		$	314		$	215		$	280		$	267
Estimated interest portion of rentals charged to expense		6			8			6			10			9
Preferred dividends of wholly owned subsidiaries		-			-			-			-			-

Total fixed charges	$	349		$	322		$	221		$	290		$	276

Preferred stock dividends as defined:*		3			3			2			3			4

Total fixed charges and preferred dividends	$	352		$	325		$	223		$	293		$	280

Earnings, as defined*
Income (loss) from continuing operations	$	458		$	439		$	161		$	361		$	252
Add (deduct):
Provision for income taxes		238			220			86			199			169
Minority interest		-			-			-			-			-
Undistributed loss (income) of less than 50% owned affiliates		-			-			-			-			-
Fixed charges as above		349			322			221			290			276

Total earnings	$	1,045		$	981		$	468		$	850		$	697

Ratio of earnings to combined fixed charges and preferred stock dividends		3.0	x		3.0	x		2.1	x		2.9	x		2.5	x

* Fixed charges represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred dividends of wholly owned subsidiaries. Excluded from the fixed charges is interest on income tax contingencies that is included in income tax expense on the consolidated statements of income. Preferred stock dividends represent preferred dividend requirements 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.