Exhibit 12b
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
2012 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 13,916 | $ | 51,519 | $ | 49,858 | $ | 42,378 | $ | 36,226 | $ | 47,456 | $ | 50,230 | ||||||||||||||
Other Interest(1) | 110 | 1,718 | 1,127 | 433 | 1,571 | 1,367 | 4,538 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 9,120 | 42,862 | 44,874 | 52,534 | 53,670 | 57,252 | 64,477 | |||||||||||||||||||||
Estimated Interest Portion of Rental Expense | 180 | 776 | 795 | 72 | 106 | 130 | 160 | |||||||||||||||||||||
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Total Fixed Charges | $ | 23,326 | $ | 96,875 | $ | 96,654 | $ | 95,417 | $ | 91,573 | $ | 106,205 | $ | 119,405 | ||||||||||||||
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Net Income (Loss) | $ | (1,461 | ) | $ | 79,169 | $ | 85,334 | $ | 108,260 | $ | 90,688 | $ | 7,206 | $ | 55,591 | |||||||||||||
Add (Deduct): | ||||||||||||||||||||||||||||
(Income) from Equity Investees | — | — | — | — | — | (1,381 | ) | — | ||||||||||||||||||||
Income Tax Expense (Benefit) | (1,969 | ) | 47,503 | 52,000 | 59,936 | 54,220 | 12,729 | 36,940 | ||||||||||||||||||||
Total Fixed Charges | 23,326 | 96,875 | 96,654 | 95,417 | 91,573 | 106,205 | 119,405 | |||||||||||||||||||||
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Total Earnings before Taxes and Fixed Charges | $ | 19,896 | $ | 223,547 | $ | 233,988 | $ | 263,613 | $ | 236,481 | $ | 124,759 | $ | 211,936 | ||||||||||||||
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Ratio of Earnings to Fixed Charges (2) | NM | 2.308 | 2.421 | 2.763 | 2.582 | 1.175 | 1.775 |
(1) | Excludes recognition of Allowance for Borrowed Funds Used During Construction. |
(2) | For the three months ended March 31, 2012, TEP’s Ratio of Earnings to Fixed Charges was less than 1.00. TEP’s earnings were deficient by $3.4 million. |