Exhibit 12b
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
12 Months Ended | ||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 36,226 | $ | 47,456 | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | ||||||||||||
Other Interest(1) | 1,571 | 1,367 | 4,538 | 6,436 | 2,597 | 1,263 | ||||||||||||||||||
Interest on Capital Lease Obligations | 53,670 | 57,252 | 64,477 | 72,556 | 79,064 | 85,869 | ||||||||||||||||||
Estimated Interest Portion of Rental Expense | 106 | 130 | 160 | 188 | 216 | 243 | ||||||||||||||||||
Total Fixed Charges | $ | 91,573 | $ | 106,205 | $ | 119,405 | $ | 130,602 | $ | 138,120 | $ | 157,279 | ||||||||||||
Net Income | $ | 89,248 | $ | 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 | 89,248 | 4,363 | 53,456 | 66,745 | 48,893 | 46,127 | ||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||
Income from Equity Investees(2) | — | (1,381 | ) | — | (320 | ) | (314 | ) | (131 | ) | ||||||||||||||
Income Taxes | 55,130 | 10,867 | 35,542 | 42,478 | 33,907 | 34,815 | ||||||||||||||||||
Total Fixed Charges | 91,573 | 106,205 | 119,405 | 130,602 | 138,120 | 157,279 | ||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 235,951 | $ | 120,054 | $ | 208,403 | $ | 239,505 | $ | 220,606 | $ | 238,090 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.577 | 1.130 | 1.745 | 1.834 | 1.597 | 1.514 |
(1) | Excludes recognition of Allowance for Borrowed Funds Used During Construction. | |
(2) | Inncom International, Inc. (income) losses. |