Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - TUCSON ELECTRIC POWER CO | tep10q09302016.htm |
| EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex3209302016.htm |
| EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER CO | tepex31b09302016.htm |
| EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER CO | tepex31a09302016.htm |
Exhibit 12
TUCSON ELECTRIC POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Income | $ | 111,447 | $ | 123,447 | $ | 127,794 | $ | 102,338 | $ | 101,342 | $ | 65,470 | $ | 85,334 | |||||||||||||
Add: | |||||||||||||||||||||||||||
Income Tax Expense | 49,985 | 60,917 | 71,719 | 57,911 | 47,986 | 39,109 | 52,000 | ||||||||||||||||||||
Interest Expense, Net (1) | 48,131 | 63,925 | 63,555 | 68,555 | 80,793 | 91,295 | 93,786 | ||||||||||||||||||||
Estimated Interest Portion of Rental Expense (2) | 1,255 | 1,387 | 1,711 | 1,691 | 842 | 611 | 795 | ||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 210,818 | $ | 249,676 | $ | 264,779 | $ | 230,495 | $ | 230,963 | $ | 196,485 | $ | 231,915 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest Expense (before deducting capitalized interest) (3) | $ | 49,428 | $ | 65,977 | $ | 69,179 | $ | 88,340 | $ | 85,591 | $ | 93,077 | $ | 95,859 | |||||||||||||
Estimated Interest Portion of Rental Expense | 1,255 | 1,387 | 1,711 | 1,691 | 842 | 611 | 795 | ||||||||||||||||||||
Total Fixed Charges | $ | 50,683 | $ | 67,364 | $ | 70,890 | $ | 90,031 | $ | 86,433 | $ | 93,688 | $ | 96,654 | |||||||||||||
Ratio of Earnings to Fixed Charges | 4.16 | 3.71 | 3.74 | 2.56 | 2.67 | 2.10 | 2.40 | ||||||||||||||||||||
(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. |