Exhibit 12b
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
September 30, | September 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 | $ | 27,232 | $ | 38,035 | $ | 47,456 | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | ||||||||||||||
Other Interest (1) | 1,104 | 1,459 | 1,367 | 4,538 | 6,436 | 2,597 | 1,263 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 40,116 | 54,415 | 57,252 | 64,477 | 72,556 | 79,064 | 85,869 | |||||||||||||||||||||
Estimated Interest Portion of Rental Expense | 74 | 106 | 130 | 160 | 188 | 216 | 243 | |||||||||||||||||||||
Total Fixed Charges | $ | 68,526 | $ | 94,015 | $ | 106,205 | $ | 119,405 | $ | 130,602 | $ | 138,120 | $ | 157,279 | ||||||||||||||
Net Income | $ | 81,229 | $ | 100,926 | $ | 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 | 81,229 | 100,926 | 4,363 | 53,456 | 66,745 | 48,893 | 46,127 | |||||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
Income from Equity Investees (2) | (2,652 | ) | (3,144 | ) | (1,381 | ) | — | (320 | ) | (314 | ) | (131 | ) | |||||||||||||||
Income Taxes | 50,527 | 66,476 | 10,867 | 35,542 | 42,478 | 33,907 | 34,815 | |||||||||||||||||||||
Total Fixed Charges | 68,526 | 94,015 | 106,205 | 119,405 | 130,602 | 138,120 | 157,279 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 197,630 | $ | 258,273 | $ | 120,054 | $ | 208,403 | $ | 239,505 | $ | 220,606 | $ | 238,090 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 2.884 | 2.747 | 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. |