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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
March 31, --------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Fixed charges, as defined:
Interest on long-term debt $ 56,263 $ 55,580 $ 49,566 $ 47,129 $ 51,727
Amortization of debt expense
and premium - net 3,334 3,441 3,511 3,004 1,814
Interest portion of rentals 4,204 3,962 1,282 924 1,105
-------- -------- -------- -------- --------
Total fixed charges $ 63,801 $ 62,983 $ 54,359 $ 51,057 $ 54,646
======== ======== ======== ======== ========
Earnings, as defined:
Net income from continuing ops $100,576 $ 87,121 $ 77,197 $ 82,776 $ 72,267
Add (deduct):
Income tax expense 61,669 52,416 44,696 42,503 41,330
Total fixed charges above 63,801 62,983 54,359 51,057 54,646
-------- -------- -------- -------- --------
Total earnings $226,046 $202,520 $176,252 $176,336 $168,243
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.54 3.22 3.24 3.45 3.08
Fixed charges and preferred dividend requirements:
Fixed charges above $ 63,801 $ 62,983 $ 54,359 $ 51,057 $ 54,646
Preferred dividend requirements (2) 14,665 14,612 13,668 12,615 10,716
-------- -------- -------- -------- --------
Total $ 78,466 $ 77,595 $ 68,027 $ 63,672 $ 65,362
======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred dividend requirements 2.88 2.61 2.59 2.77 2.57
(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.