Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
12 Months Ended
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Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2001 2000 1999
- Thousands of Dollars -
Fixed Charges:
Interest on Long-Term Debt $76,585 $65,620 $68,678 $66,377 $66,836
Other Interest (1) 1,820 273 441 9,067 13,081
Interest on Capital Lease Obligations 84,053 87,783 90,506 92,658 82,414
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Total Fixed Charges 162,458 153,676 159,625 168,102 162,331
Net Income 127,589 53,737 75,284 51,169 73,475
Less:
Extraordinary Income & Accounting Change -
Net of Tax 67,471 - 470 - 22,597
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Net Income from Continuing Operations 60,118 53,737 74,814 51,169 50,878
Add (Deduct):
(Income) Losses from Equity Investees (2) (76) 17 700 1,543 -
Income Taxes 20,122 35,350 55,910 26,566 22,350
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Total Fixed Charges 162,458 153,676 159,625 168,102 162,331
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Total Earnings before Taxes
and Fixed Charges $242,622 $242,780 $291,049 $247,380 $235,559
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Ratio of Earnings to Fixed Charges 1.493 1.580 1.823 1.472 1.451
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(1) Excludes recognition of Allowance for Borrowed Funds Used During
Construction.
(2) Truepricing and Inncom (income) losses.