Attached files
file | filename |
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EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER CO | tepex31b03312016.htm |
EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER CO | tepex31a03312016.htm |
10-Q - 10-Q - TUCSON ELECTRIC POWER CO | tep10q03312016.htm |
EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex3203312016.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. |