EXHIBIT 12
AVISTA CORPORATION
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend
Requirements Consolidated
(Thousands of Dollars)
12 months
ended Years Ended December 31
September 30, --------------------------------------------------
2003 2002 2001 2000 1999
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Fixed charges, as defined:
Interest expense $ 86,085 $ 96,005 $ 100,180 $ 64,765 $ 61,666
Amortization of debt expense and
premium - net 8,017 8,861 5,639 3,409 3,044
Interest portion of rentals 5,793 6,140 5,140 4,324 4,645
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Total fixed charges $ 99,895 $ 111,006 $ 110,959 $ 72,498 $ 69,355
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Earnings, as defined:
Income from continuing operations $ 47,583 $ 42,174 $ 68,241 $ 109,065 $ 31,223
Add (deduct):
Income tax expense 35,595 34,849 40,585 81,143 18,276
Total fixed charges above 99,895 111,006 110,959 72,498 69,355
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Total earnings $ 183,073 $ 188,029 $ 219,785 $ 262,706 $ 118,854
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Ratio of earnings to fixed charges 1.83 1.69 1.98 3.62 1.71
Fixed charges and preferred dividend
requirements:
Fixed charges above $ 99,895 $ 111,006 $ 110,959 $ 72,498 $ 69,355
Preferred dividend requirements(1) 2,977 4,387 3,878 41,394 33,914
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Total $ 102,872 $ 115,393 $ 114,837 $ 113,892 $ 103,269
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Ratio of earnings to fixed charges
and preferred dividend requirements 1.78 1.63 1.91 2.31 1.15
(1) Preferred dividend requirements have been grossed up to their pre-tax level.