Exhibit 12b
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 | ||||||||||||||||||||||||||
June 30, | June 30, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||||||
2009 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 18,404 | $ | 41,523 | $ | 47,456 | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | ||||||||||||||
Other Interest (1) | 683 | 581 | 1,367 | 4,538 | 6,436 | 2,597 | 1,263 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 26,564 | 55,161 | 57,252 | 64,477 | 72,556 | 79,064 | 85,869 | |||||||||||||||||||||
Estimated Interest Portion of Rental Expense | 50 | 115 | 130 | 160 | 188 | 216 | 243 | |||||||||||||||||||||
Total Fixed Charges | 45,701 | 97,380 | 106,205 | 119,405 | 130,602 | 138,120 | 157,279 | |||||||||||||||||||||
Net Income | 25,953 | 33,412 | 4,363 | 53,456 | 66,745 | 48,267 | 46,127 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Cumulative Effect of Accounting Change — Net of Tax | — | — | — | — | — | (626 | ) | — | ||||||||||||||||||||
Net Income from Continuing Operations | 25,953 | 33,412 | 4,363 | 53,456 | 66,745 | 48,893 | 46,127 | |||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
Income from Equity Investees (2) | (3,144 | ) | (3,144 | ) | (1,381 | ) | 0 | (320 | ) | (314 | ) | (131 | ) | |||||||||||||||
Income Taxes | 15,887 | 27,285 | 10,867 | 35,542 | 42,478 | 33,907 | 34,815 | |||||||||||||||||||||
Total Fixed Charges | 45,701 | 97,380 | 106,205 | 119,405 | 130,602 | 138,120 | 157,279 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | 84,397 | 154,933 | $ | 120,054 | $ | 208,403 | $ | 239,505 | $ | 220,606 | $ | 238,090 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 1.847 | 1.591 | 1.130 | 1.745 1 | .834 1 | .597 1. | 514 |
(1) | Excludes recognition of Allowance for Borrowed Funds Used During Construction. | |
(2) | Includes Equity in Investment in Lease Equity and Inncom International, Inc. Income. |