EXHIBIT 12.01(d)
SOUTHWESTERN PUBLIC SERVICE COMPANY
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2003 2002 2001 2000(a) 1999
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(IN THOUSANDS, EXCEPT RATIOS)
EARNINGS:
Net income $ 82,293 $ 73,882 $ 130,100 $ 69,492 $ 102,709
Provisions for Federal and state taxes on income 51,341 43,363 71,175 55,853 59,399
Fixed charges as below 54,476 54,913 57,276 75,938 64,888
Less: Undistributed equity in earnings of -- -- -- -- --
unconsolidated affiliates
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Total $ 188,110 $ 172,158 $ 258,551 $ 201,283 $ 226,996
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FIXED CHARGES:
Interest charges, excluding AFC -- debt $ 48,304 $ 47,063 $ 49,426 $ 68,088 $ 57,038
Distributions on redeemable preferred
securities of subsidiary trust 6,172 7,850 7,850 7,850 7,850
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Total $ 54,476 $ 54,913 $ 57,276 $ 75,938 $ 64,888
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RATIO OF EARNINGS TO FIXED CHARGES 3.5 3.1 4.5 2.7 3.5
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(a) The 2000 ratio of earnings to fixed charges has been adjusted to reflect the implementation of Statement of
Financial Accounting Standards No. 145, which became effective in 2002 and requires retroactive restatement
of prior periods. Interest charges and financing costs of $8.225 million related to the defeasance of our
first mortgage bonds, previously disclosed in Extraordinary items, was reclassified to Interest charges and
financing costs. Associated income tax benefits of $2.923 million have been reclassified from Extraordinary
items to Income taxes.
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