Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - TUCSON ELECTRIC POWER CO | Financial_Report.xls |
EX-24 - EXHIBIT 24 - TUCSON ELECTRIC POWER CO | tepex2412312014.htm |
EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER CO | tepex3212312014.htm |
EX-31.A - EXHIBIT 31A - TUCSON ELECTRIC POWER CO | tepex31a12312014.htm |
EX-31.B - EXHIBIT 31B - TUCSON ELECTRIC POWER CO | tepex31b12312014.htm |
EX-21 - EXHIBIT 21 - TUCSON ELECTRIC POWER CO | tepex2112312014.htm |
10-K - 10-K - TUCSON ELECTRIC POWER CO | tep10k12312014.htm |
Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
12 Months Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Thousands of Dollars | ||||||||||||||||||||
Net Income | $ | 102,338 | $ | 101,342 | $ | 65,470 | $ | 85,334 | $ | 108,260 | ||||||||||
Add: | ||||||||||||||||||||
Income Tax Expense | 57,911 | 47,986 | 39,109 | 52,000 | 59,936 | |||||||||||||||
Interest Expense, net(1) | 68,555 | 80,793 | 91,295 | 93,786 | 93,465 | |||||||||||||||
Estimated Interest Portion of Rental Expense (2) | 1,691 | 842 | 611 | 795 | 72 | |||||||||||||||
Total Earnings before Taxes and Fixed Charges | $ | 230,495 | $ | 230,963 | $ | 196,485 | $ | 231,915 | $ | 261,733 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense (before deducting capitalized interest)(3) | $ | 88,340 | $ | 85,591 | $ | 93,077 | $ | 95,859 | $ | 95,345 | ||||||||||
Estimated Interest Portion of Rental Expense | 1,691 | 842 | 611 | 795 | 72 | |||||||||||||||
Total Fixed Charges | $ | 90,031 | $ | 86,433 | $ | 93,688 | $ | 96,654 | $ | 95,417 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.560 | 2.672 | 2.097 | 2.399 | 2.743 |
(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.