Attached files
| file | filename |
|---|---|
| EX-31.A - EXHIBIT 31A - TUCSON ELECTRIC POWER CO | tepex31a9302014.htm |
| EX-31.B - EXHIBIT 31B - TUCSON ELECTRIC POWER CO | tepex31b9302014.htm |
| EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex329302014.htm |
| EXCEL - IDEA: XBRL DOCUMENT - TUCSON ELECTRIC POWER CO | Financial_Report.xls |
| 10-Q - 10-Q - TUCSON ELECTRIC POWER CO | tep10q9302014.htm |
Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
2014 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Thousands of Dollars | |||||||||||||||||||||||||||
Net Income | $ | 87,541 | $ | 92,451 | $ | 101,342 | $ | 65,470 | $ | 85,334 | $ | 108,260 | $ | 90,688 | |||||||||||||
Add: | |||||||||||||||||||||||||||
Income Tax Expense | 51,656 | 57,905 | 47,986 | 39,109 | 52,000 | 59,936 | 54,220 | ||||||||||||||||||||
Interest Expense, net(1) | 52,657 | 72,576 | 80,793 | 91,295 | 93,786 | 93,465 | 89,715 | ||||||||||||||||||||
Estimated Interest Portion of Rental Expense (2) | 601 | 811 | 842 | 611 | 795 | 72 | 106 | ||||||||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 192,455 | $ | 223,743 | $ | 230,963 | $ | 196,485 | $ | 231,915 | $ | 261,733 | $ | 234,729 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest Expense (before deducting capitalized interest)(3) | $ | 66,790 | $ | 89,413 | $ | 85,591 | $ | 93,077 | $ | 95,859 | $ | 95,345 | $ | 91,467 | |||||||||||||
Estimated Interest Portion of Rental Expense | 601 | 811 | 842 | 611 | 795 | 72 | 106 | ||||||||||||||||||||
Total Fixed Charges | $ | 67,391 | $ | 90,224 | $ | 86,433 | $ | 93,688 | $ | 96,654 | $ | 95,417 | $ | 91,573 | |||||||||||||
Ratio of Earnings to Fixed Charges | 2.856 | 2.480 | 2.672 | 2.097 | 2.399 | 2.743 | 2.563 | ||||||||||||||||||||
(1) | The ratios of earnings to fixed charges for the fiscal years ended 2012, 2011, 2010, and 2009 have been revised to exclude capitalized interest from the calculation of Earnings before Taxes and Fixed Charges. Capitalized interest was not material to the calculation of Earnings before Taxes and Fixed Charges or the Ratio of Earnings to Fixed Charges in prior periods. 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.