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EXHIBIT 12
THE WASHINGTON WATER POWER COMPANY
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividend
Requirements Consolidated
(Thousands of Dollars)
12 Mos. Ended Years Ended December 31
March 31, --------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Fixed charges, as defined:
Interest on long-term debt $ 61,397 $ 60,256 $ 55,580 $ 49,566 $ 47,129
Amortization of debt expense
and premium - net 2,869 2,998 3,441 3,511 3,004
Interest portion of rentals 4,304 4,311 3,962 1,282 924
-------- -------- -------- -------- --------
Total fixed charges $ 68,570 $ 67,565 $ 62,983 $ 54,359 $ 51,057
======== ======== ======== ======== ========
Earnings, as defined:
Net income from continuing ops $ 71,393 $ 83,453 $ 87,121 $ 77,197 $ 82,776
Add (deduct):
Income tax expense 48,237 49,509 52,416 44,696 42,503
Total fixed charges above 68,570 67,565 62,983 54,359 51,057
-------- -------- -------- -------- --------
Total earnings $188,200 $200,527 $202,520 $176,252 $176,336
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.74 2.97 3.22 3.24 3.45
Fixed charges and preferred dividend requirements:
Fixed charges above $ 68,570 $ 67,565 $ 62,983 $ 54,359 $ 51,057
Preferred dividend requirements (2) 12,552 12,711 14,612 13,668 12,615
-------- -------- -------- -------- --------
Total $ 81,122 $ 80,276 $ 77,595 $ 68,027 $ 63,672
======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred dividend requirements 2.32 2.50 2.61 2.59 2.77
(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.