1
EXHIBIT 12
AVISTA CORPORATION
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend
Requirements Consolidated
(Thousands of Dollars)
Years Ended December 31
----------------------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
Fixed charges, as defined:
Interest on long-term debt $ 62,032 $ 66,218 $ 63,413 $ 60,256 $ 55,580
Amortization of debt expense
and premium - net 3,044 2,859 2,862 2,998 3,441
Interest portion of rentals 4,645 4,301 4,354 4,311 3,962
-------- -------- -------- -------- --------
Total fixed charges $ 69,721 $ 73,378 $ 70,629 $ 67,565 $ 62,983
======== ======== ======== ======== ========
Earnings, as defined:
Net income from continuing ops $ 26,031 $ 78,139 $114,797 $ 83,453 $ 87,121
Add (deduct):
Income tax expense 16,740 43,335 61,075 49,509 52,416
Total fixed charges above 69,721 73,378 70,629 67,565 62,983
-------- -------- -------- -------- --------
Total earnings $112,492 $194,852 $246,501 $200,527 $202,520
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 1.61 2.66 3.49 2.97 3.22
Fixed charges and preferred
dividend requirements:
Fixed charges above $ 69,721 $ 73,378 $ 70,629 $ 67,565 $ 62,983
Preferred dividend requirements (1) 35,149 13,057 8,261 12,711 14,612
-------- -------- -------- -------- --------
Total $104,870 $ 86,435 $ 78,890 $ 80,276 $ 77,595
======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred dividend requirements 1.07 2.25 3.12 2.50 2.61
- ----------
(1) Preferred dividend requirements have been grossed up to their pre-tax level.