EXHIBIT (12)b
PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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
Preferred Stock Dividends, as defined:*........................ 56.8 60.8 57.0 46.2 33.9
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Total fixed charges and preferred dividends.............. $ 395.1 $ 368.4 $ 397.9 $ 480.6 $ 513.4
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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 Combined Fixed Charges and Preferred Stock
Dividends.................................................... 2.2x 2.4x 2.3x 2.3x 1.6x
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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. "Preferred Stock Dividends"
represent preferred dividend requirements multiplied by the ratio which pre-
tax income from continuing operations bears to income from continuing
operations. "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.
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