Attached files
| file | filename |
|---|---|
| 10-Q - TUCSON ELECTRIC POWER CO | tep10q06302017.htm |
| EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER CO | tepex31a06302017.htm |
| EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER CO | tepex31b06302017.htm |
| EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex3206302017.htm |
Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
Six Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
June 30, | June 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Net Income | $ | 81,694 | $ | 166,298 | $ | 124,438 | $ | 127,794 | $ | 102,338 | $ | 101,342 | $ | 65,470 | |||||||||||||
Add: | |||||||||||||||||||||||||||
Income Tax Expense | 41,851 | 86,798 | 59,376 | 71,719 | 57,911 | 47,986 | 39,109 | ||||||||||||||||||||
Interest Expense, Net (1) | 31,561 | 63,666 | 64,192 | 63,555 | 68,555 | 80,793 | 91,295 | ||||||||||||||||||||
Estimated Interest Portion of Rental Expense (2) | 850 | 1,720 | 1,707 | 1,711 | 1,691 | 842 | 611 | ||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 155,956 | $ | 318,482 | $ | 249,713 | $ | 264,779 | $ | 230,495 | $ | 230,963 | $ | 196,485 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest Expense (before deducting capitalized interest) (3) | $ | 33,588 | $ | 66,542 | $ | 65,902 | $ | 69,179 | $ | 88,340 | $ | 85,591 | $ | 93,077 | |||||||||||||
Estimated Interest Portion of Rental Expense (2) | 850 | 1,720 | 1,707 | 1,711 | 1,691 | 842 | 611 | ||||||||||||||||||||
Total Fixed Charges | $ | 34,438 | $ | 68,262 | $ | 67,609 | $ | 70,890 | $ | 90,031 | $ | 86,433 | $ | 93,688 | |||||||||||||
Ratio of Earnings to Fixed Charges | 4.53 | 4.67 | 3.69 | 3.74 | 2.56 | 2.67 | 2.10 | ||||||||||||||||||||
(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. |