EXHIBIT 12.01(c) PUBLIC SERVICE COMPANY OF COLORADO COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO CONSOLIDATED FIXED CHARGES YEAR ENDED DECEMBER 31, ----------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- --------- --------- ---------- --------- (IN THOUSANDS, EXCEPT RATIOS) EARNINGS: Net income $ 227,933 $ 264,680 $ 273,033 $ 196,128 $ 204,265 Provisions for Federal and state taxes on income 88,211 128,686 132,501 102,770 96,574 Fixed charges as below 263,395 237,765 226,651 244,952 234,544 Less: Undistributed equity in earnings of unconsolidated affiliates -- -- -- -- -- ---------- --------- --------- ---------- --------- Total $ 579,539 $ 631,131 $ 632,185 $ 543,850 $ 535,383 ========== ========= ========= ========== ========= FIXED CHARGES: Interest charges, excluding AFC -- debt $ 256,023 $ 223,021 $ 211,451 $ 229,752 $ 219,344 Distributions on redeemable preferred securities of subsidiary trust 7,372 14,744 15,200 15,200 15,200 ---------- --------- --------- ---------- --------- Total $ 263,395 $ 237,765 $ 226,651 $ 244,952 $ 234,544 ========== ========= ========= ========== ========= RATIO OF EARNINGS TO FIXED CHARGES 2.2 2.7 2.8 2.2 2.3 ========== ========= ========= ========== ========= 3