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EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER COtepex31b03312016.htm
EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER COtepex31a03312016.htm
10-Q - 10-Q - TUCSON ELECTRIC POWER COtep10q03312016.htm
EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER COtepex3203312016.htm


Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
 
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
(in thousands)
2016
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
Net Income (Loss)
$
(702
)
 
$
117,663

 
$
127,794

 
$
102,338

 
$
101,342

 
$
65,470

 
$
85,334

Add:
 
 
 
 
 
 
 
 
 
 
 
 

Income Tax Expense (Benefit)
(2,147
)
 
65,233

 
71,719

 
57,911

 
47,986

 
39,109

 
52,000

Interest Expense, Net(1)
16,008

 
64,168

 
63,555

 
68,555

 
80,793

 
91,295

 
93,786

Estimated Interest Portion of Rental Expense(2)
418

 
1,603

 
1,711

 
1,691

 
842

 
611

 
795

Total Earnings before Taxes and Fixed Charges
$
13,577

 
$
248,667

 
$
264,779

 
$
230,495

 
$
230,963

 
$
196,485

 
$
231,915

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
(before deducting capitalized interest)(3)
$
16,472

 
$
66,910

 
$
69,179

 
$
88,340

 
$
85,591

 
$
93,077

 
$
95,859

Estimated Interest Portion of Rental Expense
418

 
1,603

 
1,711

 
1,691

 
842

 
611

 
795

Total Fixed Charges
$
16,890

 
$
68,513

 
$
70,890

 
$
90,031

 
$
86,433

 
$
93,688

 
$
96,654

Ratio of Earnings to Fixed Charges

 
3.63

 
3.74

 
2.56

 
2.67

 
2.10

 
2.40

Dollar Amount of Shortfall
$
3,313




 


 


 


 


 


(1) 
Interest on uncertain tax positions is included in Interest Expense.
(2) 
The Estimated Interest Portion of Rental Expense is calculated by using our estimated incremental borrowing rate times the present value of projected operating lease payments.
(3) 
Excludes recognition of Allowance for Borrowed Funds Used During Construction.