Exhibit 12(a)
UniSource Energy Corporation
Computation of Ratio of Earnings to Fixed Charges
3 Months Ended | 12 Months Ended | 12 Months Ended(2) | ||||||||||||||||||||||||||
Mar. 31, | Mar. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 17,245 | $ | 72,351 | $ | 73,095 | $ | 75,039 | $ | 76,762 | $ | 80,968 | $ | 80,844 | ||||||||||||||
Other Interest (1) | 1,141 | 4,860 | 5,480 | 7,922 | 3,153 | 1,947 | 3,709 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 14,336 | 62,683 | 64,499 | 72,586 | 79,098 | 85,912 | 84,080 | |||||||||||||||||||||
Total Fixed Charges | $ | 32,722 | $ | 139,894 | $ | 143,074 | $ | 155,547 | $ | 159,013 | $ | 168,827 | $ | 168,633 | ||||||||||||||
Net Income | (2,615 | ) | 50,816 | 58,373 | 67,447 | 46,144 | 45,919 | 113,941 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Discontinued Operations - Net of Tax | - | - | - | (1,796 | ) | (5,483 | ) | (5,063 | ) | (7,472 | ) | |||||||||||||||||
Accounting Change - Net of Tax | - | - | - | - | (626 | ) | - | 67,471 | ||||||||||||||||||||
Net Income/(Loss) from Continuing Operations | (2,615 | ) | 50,816 | 58,373 | 69,243 | 52,253 | 50,982 | 53,942 | ||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
(Income) Losses from Equity Investees (2) | (1,806 | ) | (1,450 | ) | 340 | (210 | ) | (2,113 | ) | (7,121 | ) | 3,051 | ||||||||||||||||
Income Taxes | 210 | 34,998 | 39,079 | 43,936 | 37,623 | 37,186 | 16,531 | |||||||||||||||||||||
Total Fixed Charges | 32,722 | 139,894 | 143,074 | 155,547 | 159,013 | 168,827 | 168,633 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 28,511 | $ | 224,258 | $ | 240,866 | $ | 268,516 | $ | 246,776 | $ | 249,874 | $ | 242,157 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 0.871 | 1.603 | 1.684 | 1.726 | 1.552 | 1.480 | 1.436 |
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) The information previously reported has been reclassified for the discontinued operations of Global Solar, Inc.