Exhibit 12(b)
Tucson Electric Power Company
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, | ||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 11,712 | $ | 49,504 | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | $ | 76,585 | ||||||||||||||
Other Interest (1) | 1,005 | 3,984 | 4,538 | 6,436 | 2,597 | 1,263 | 1,820 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 14,329 | 62,660 | 64,477 | 72,556 | 79,064 | 85,869 | 84,053 | |||||||||||||||||||||
Total Fixed Charges | $ | 27,046 | $ | 116,148 | $ | 119,245 | $ | 130,414 | $ | 137,904 | $ | 157,036 | $ | 162,458 | ||||||||||||||
Net Income | (8,862 | ) | 43,773 | 53,456 | 66,745 | 48,267 | 46,127 | 128,913 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Cumulative Effect of Accounting Change - | ||||||||||||||||||||||||||||
Net of Tax | - | - | - | - | (626 | ) | - | 67,471 | ||||||||||||||||||||
Net Income/(Loss) from Continuing Operations | (8,862 | ) | 43,773 | 53,456 | 66,745 | 48,893 | 46,127 | 61,442 | ||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
(Income) Losses from Equity Investees (2) | (1,381 | ) | (1,381 | ) | - | (320 | ) | (314 | ) | (131 | ) | (76 | ) | |||||||||||||||
Income Taxes | 4,336 | 30,138 | 35,542 | 42,478 | 33,907 | 34,815 | 21,090 | |||||||||||||||||||||
Total Fixed Charges | 27,046 | 116,148 | 119,245 | 130,414 | 137,904 | 157,036 | 162,458 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 21,139 | $ | 188,678 | $ | 208,243 | $ | 239,317 | $ | 220,390 | $ | 237,847 | $ | 244,914 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 0.782 | 1.624 | 1.746 | 1.835 | 1.598 | 1.515 | 1.508 |
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) Truepricing and Inncom (Income) Losses.