EXHIBIT (12)a
PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(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
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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 Fixed Charges . . . . . 1.6x 2.5x 3.0x 2.9x 2.6x
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* "Fixed charges" represent consolidated interest charges and an estimated
amount representing the interest factor in rents. "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