1
EXHIBIT 12
THE WASHINGTON WATER POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges and Preferred
Dividend Requirements (1)
Consolidated
(Thousands of Dollars)
12 Mos. Ended Years Ended December 31
September 30 --------------------------------------------------
1995 1994 1993 1992 1991
------------- -------- -------- -------- --------
Fixed charges, as defined:
Interest on long-term debt $ 54,567 $ 49,566 $ 47,129 $ 51,727 $ 52,801
Amortization of debt expense
and premium - net 3,483 3,511 3,004 1,814 1,751
Interest portion of rentals 3,292 1,282 924 1,105 1,018
-------- -------- -------- -------- --------
Total fixed charges $ 61,342 $ 54,359 $ 51,057 $ 54,646 $ 55,570
======== ======== ======== ======== ========
Earnings, as defined:
Net income from continuing ops $ 81,208 $ 77,197 $ 82,776 $ 72,267 $ 70,631
Add (deduct):
Income tax expense 47,437 44,696 42,503 41,330 38,086
Total fixed charges above 61,342 54,359 51,057 54,646 55,570
-------- -------- -------- -------- --------
Total earnings $189,987 $176,252 $176,336 $168,243 $164,287
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.10 3.24 3.45 3.08 2.96
Fixed charges and preferred
dividend requirements:
Fixed charges above $ 61,342 $ 54,359 $ 51,057 $ 54,646 $ 55,570
Preferred dividend requirements (2) 9,684 13,668 12,615 10,716 14,302
-------- -------- -------- -------- --------
Total $ 71,026 $ 68,027 $ 63,672 $ 65,362 $ 69,872
======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred dividend requirements 2.67 2.59 2.77 2.57 2.35
- -----------------
(1) Calculations have been restated to reflect the results from continuing
operations (ie. excluding discontinued coal mining operations).
(2) Preferred dividend requirements have been grossed up to their pre-tax
level.