Exhibit 12B
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31 | Mar. 31 | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||
2007 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
- Thousands of Dollars - | |||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest on Long-Term Debt | $ | 12,439 | $ | 51,213 | $ | 51,422 | $ | 56,243 | $ | 69,904 | $ | 76,585 | $ | 65,620 | |||||||
Other Interest (1) | 1,559 | 7,026 | 6,436 | 2,597 | 1,263 | 1,820 | 273 | ||||||||||||||
Interest on Capital Lease Obligations | 16,146 | 70,163 | 72,556 | 79,064 | 85,869 | 84,053 | 87,783 | ||||||||||||||
Total Fixed Charges | 30,144 | 128,402 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | ||||||||||||||
Net Income | 821 | 50,979 | 66,745 | 48,267 | 46,127 | 128,913 | 55,390 | ||||||||||||||
Less: | |||||||||||||||||||||
Cumulative Effect of Accounting Change - Net of Tax | - | - | - | (626 | ) | - | 67,471 | - | |||||||||||||
Net Income from Continuing Operations | 821 | 50,979 | 66,745 | 48,893 | 46,127 | 61,442 | 55,390 | ||||||||||||||
Add (Deduct): | |||||||||||||||||||||
(Income) Losses from Equity Investees (2) | - | (267 | ) | (320 | ) | (314 | ) | (131 | ) | (76 | ) | 17 | |||||||||
Income Taxes | 1,068 | 32,017 | 42,478 | 33,907 | 34,815 | 21,090 | 36,434 | ||||||||||||||
Total Fixed Charges | 30,144 | 128,402 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | ||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 32,033 | $ | 211,131 | $ | 239,317 | $ | 220,390 | $ | 237,847 | $ | 244,914 | $ | 245,517 | |||||||
Ratio of Earnings to Fixed Charges | 1.063 | 1.644 | 1.835 | 1.598 | 1.515 | 1.508 | 1.598 |
(1) Excludes recognition of Allowance for Borrowered Funds Used During Construction.
(2) Truepricing and Inncom (income) losses.