EXHIBIT (12)b
PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN MILLIONS OF DOLLARS)
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1992 1993 1994 1995 1996
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Fixed Charges, as defined:*
Interest expense . . . . . . . . . . . . . $ 409.7 $ 377.8 $ 336.8 $ 378.7 $ 465.7
Estimated interest portion of
rentals charged to expense . . . . . . . 17.1 20.1 19.5 16.7 9.8
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Total fixed charges. . . . . . . . . . $ 426.8 $ 397.9 $ 356.3 $ 395.4 $ 475.5
Preferred Stock Dividends, as defined:*. . 59.9 56.8 60.8 57.0 46.6
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Total fixed charges and
preferred dividends. . . . . . . . . $ 486.7 $ 454.7 $ 417.1 $ 452.4 $ 522.1
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Earnings, as defined:*
Income from continuing
operations . . . . . . . . . . . . . . . $ 150.2 $ 422.7 $ 468.0 $ 505.0 $ 504.9
Add (deduct):
Provision for income taxes . . . . . . . 90.8 187.4 249.8 238.8 283.9
Minority interest. . . . . . . . . . . . 8.4 11.3 13.3 18.9 4.2
Undistributed income of less than
50% owned affiliates . . . . . . . . . (5.7) (16.2) (14.7) (15.0) (18.1)
Fixed charges as above . . . . . . . . . 426.8 397.9 356.3 395.4 475.5
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Total earnings . . . . . . . . . . . . $ 670.5 $1,003.1 $1,072.7 $1,143.1 $1,250.4
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Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends. . . 1.4x 2.2x 2.6x 2.5x 2.4x
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* "Fixed charges" represent consolidated interest charges and an estimated
amount representing the interest factor in rents. "Preferred Stock
Dividends" represent preferred dividend requirements multiplied by the
ratio which pre-tax income from continuing operations bears to income from
continuing operations. "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-2