Exhibit 12(b)
UNISOURCE ENERGY CORPORATION
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,
2004 2003 2002 2001 2000
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- Thousands of Dollars -
FIXED CHARGES:
Interest on Long-Term Debt $ 82,807 $ 80,844 $ 65,620 $ 68,678 $ 75,076
Other Interest (1) 2,098 3,709 2,123 1,287 219
Interest on Capital Lease Obligations 85,912 84,080 87,801 90,559 92,869
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TOTAL FIXED CHARGES 170,817 168,633 155,544 160,524 168,164
NET INCOME 45,919 113,941 34,928 63,839 43,484
LESS:
Extraordinary Income & Accounting Change -
Net of Tax - 67,471 - 470 -
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NET INCOME FROM CONTINUING OPERATIONS 45,919 46,470 34,928 63,369 43,484
ADD (DEDUCT):
(Income) Losses from Equity Investees (7,121) 3,051 3,047 10,748 3,335
Income Taxes 33,946 12,082 17,962 49,109 16,199
Total Fixed Charges 170,817 168,633 155,544 160,524 168,164
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TOTAL EARNINGS BEFORE TAXES
AND FIXED CHARGES $ 243,561 $ 230,236 $ 211,481 $ 283,750 $ 231,182
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RATIO OF EARNINGS TO FIXED CHARGES 1.426 1.365 1.360 1.768 1.375
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(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
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