Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - TUCSON ELECTRIC POWER CO | tep10q06302018.htm |
| EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex3206302018.htm |
| EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER CO | tepex31b06302018.htm |
| EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER CO | tepex31a06302018.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) | 2018 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net Income | $ | 81,400 | $ | 176,374 | $ | 176,668 | $ | 124,438 | $ | 127,794 | $ | 102,338 | $ | 101,342 | |||||||||||||
Add: | |||||||||||||||||||||||||||
Income Tax Expense | 16,401 | 75,313 | 100,763 | 59,376 | 71,719 | 57,911 | 47,986 | ||||||||||||||||||||
Interest Expense, Net (1) | 31,799 | 64,604 | 63,212 | 64,192 | 63,555 | 68,555 | 80,793 | ||||||||||||||||||||
Estimated Interest Portion of Rental Expense (2) | 102 | 213 | 223 | 1,707 | 1,711 | 1,691 | 842 | ||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 129,702 | $ | 316,504 | $ | 340,866 | $ | 249,713 | $ | 264,779 | $ | 230,495 | $ | 230,963 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest Expense (before deducting capitalized interest) (3) | $ | 35,187 | $ | 68,950 | $ | 67,128 | $ | 65,902 | $ | 69,179 | $ | 88,340 | $ | 85,591 | |||||||||||||
Estimated Interest Portion of Rental Expense (2) | 102 | 213 | 223 | 1,707 | 1,711 | 1,691 | 842 | ||||||||||||||||||||
Total Fixed Charges | $ | 35,289 | $ | 69,163 | $ | 67,351 | $ | 67,609 | $ | 70,890 | $ | 90,031 | $ | 86,433 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.68 | 4.58 | 5.06 | 3.69 | 3.74 | 2.56 | 2.67 | ||||||||||||||||||||
(1) | Interest on uncertain tax positions is included in Interest Expense, Net. |
(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. |