EXHIBIT (12)a
PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
1993 1994 1995 1996 1997
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(IN MILLIONS OF DOLLARS)
Fixed Charges, as defined:*
Interest expense............................................. $ 333.5 $ 302.0 $ 336.4 $ 415.0 $ 439.8
Estimated interest portion of rentals charged to expense..... 4.8 5.6 4.5 4.1 6.6
Preferred dividends of wholly owned subsidiary............... -- -- -- 15.3 33.1
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Total fixed charges...................................... $ 338.3 $ 307.6 $ 340.9 $ 434.4 $ 479.5
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Earnings, as defined:*
Income from continuing operations............................ $ 371.8 $ 397.5 $ 402.0 $ 430.2 $ 225.4
Add (deduct):
Provision for income taxes................................. 163.6 209.0 191.8 236.5 109.5
Minority interest.......................................... 2.7 1.3 1.4 1.8 1.9
Undistributed income of less than 50% owned affiliates..... (16.2) (14.7) (15.0) (18.2) (11.1)
Fixed charges as above..................................... 338.3 307.6 340.9 434.4 479.5
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Total earnings........................................... $ 860.2 $ 900.7 $ 921.1 $ 1,084.7 $ 805.2
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Ratio of Earnings to Fixed Charges............................. 2.5x 2.9x 2.7x 2.5x 1.7x
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* "Fixed charges" represent consolidated interest charges, an estimated amount
representing the interest factor in rents and preferred dividend
requirements of majority-owned subsidiaries. "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