EXHIBIT (12)A
PACIFICORP
STATEMENTS OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31,
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1990 1991 1992 1993 1994
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Fixed Charges, as defined:*
Interest expense.................................. $ 431.2 $ 428.0 $ 409.7 $ 377.8 $ 336.8
Estimated interest portion of rentals charged to
expense.......................................... 23.3 20.4 17.1 20.1 19.5
Preferred dividend requirement of majority-owned
subsidiary....................................... 4.2 -- -- -- --
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Total fixed charges........................... $ 458.7 $ 448.4 $ 426.8 $ 397.9 $ 356.3
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Earnings, as defined:*
Income from continuing operations................. $ 413.4 $ 446.8 $ 150.2 $ 422.7 $ 468.0
Add (deduct):
Provision for income taxes...................... 179.1 176.7 90.8 187.4 249.8
Minority interest............................... 18.1 14.1 8.4 11.3 13.3
Undistributed income of less than 50% owned
affiliates..................................... -- (1.8) (5.7) (16.2) (14.7)
Fixed charges as above.......................... 458.7 448.4 426.8 397.9 356.3
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Total earnings................................ $ 1,069.3 $ 1,084.2 $ 670.5 $ 1,003.1 $ 1,072.7
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Ratio of Earnings to Fixed Charges.................. 2.3x 2.4x 1.6x 2.5x 3.0x
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<FN>
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* "Fixed charges" represents consolidated interest charges, an estimated
amount representing the interest factor in rents and preferred stock
dividend requirements of majority-owned subsidiaries. "Earnings" represent
the aggregate of (a) income from continuing operations, (b) taxes based on
income from continuing operations, (c) minority interest in the income of
majority-owned subsidiaries that have fixed charges, (d) fixed charges and
(e) undistributed income of less than 50% owned affiliates without loan
guarantees.
S-1