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 | ||||||||||||||||||||||||||
Sep. 30, | Sep. 30, | 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 | $ | 36,654 | $ | 49,118 | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | $ | 76,585 | ||||||||||||||
Other Interest (1) | 1,012 | 1,530 | 4,538 | 6,436 | 2,597 | 1,263 | 1,820 | |||||||||||||||||||||
Interest on Capital Lease Obligations | 42,953 | 59,059 | 64,477 | 72,556 | 79,064 | 85,869 | 84,053 | |||||||||||||||||||||
Total Fixed Charges | $ | 80,619 | $ | 109,707 | $ | 119,245 | $ | 130,414 | $ | 137,904 | $ | 157,036 | $ | 162,458 | ||||||||||||||
Net Income (Loss) | $ | (15,335 | ) | $ | (929 | ) | $ | 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 | (15,335 | ) | (929 | ) | 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 | (5,081 | ) | 5,182 | 35,542 | 42,478 | 33,907 | 34,815 | 21,090 | ||||||||||||||||||||
Total Fixed Charges | 80,619 | 109,707 | 119,245 | 130,414 | 137,904 | 157,036 | 162,458 | |||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 58,822 | $ | 112,579 | $ | 208,243 | $ | 239,317 | $ | 220,390 | $ | 237,847 | $ | 244,914 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 0.730 | 1.026 | 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. |