Exhibit 12(b)
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30 | Jun. 30 | 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 | $ | 25,115 | $ | 51,517 | $ | 51,422 | $ | 56,243 | $ | 69,904 | $ | 76,585 | $ | 65,620 | ||||||||||||||
Other Interest (1) | 2,958 | 7,528 | 6,436 | 2,597 | 1,263 | 1,820 | 273 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 32,266 | 67,758 | 72,556 | 79,064 | 85,869 | 84,053 | 87,783 | |||||||||||||||||||||
Total Fixed Charges | 60,339 | 126,803 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | |||||||||||||||||||||
Net Income | 13,092 | 52,029 | 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 | 13,092 | 52,029 | 66,745 | 48,893 | 46,127 | 61,442 | 55,390 | |||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
(Income) Losses from Equity Investees (2) | - | (213 | ) | (320 | ) | (314 | ) | (131 | ) | (76 | ) | 17 | ||||||||||||||||
Income Taxes | 9,435 | 32,486 | 42,478 | 33,907 | 34,815 | 21,090 | 36,434 | |||||||||||||||||||||
Total Fixed Charges | 60,339 | 126,803 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 82,866 | $ | 211,105 | $ | 239,317 | $ | 220,390 | $ | 237,847 | $ | 244,914 | $ | 245,517 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 1.373 | 1.665 | 1.835 | 1.598 | 1.515 | 1.508 | 1.598 | |||||||||||||||||||||
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) Truepricing and Inncom (income) losses.