TUCSON ELECTRIC POWER CO - FORM 10-K - EX-12 - EXHIBIT 12 - February 18, 2016

Attached files

file filename
EX-10.D - EXHIBIT 10.D - TUCSON ELECTRIC POWER COtepex10d123115.htm
10-K - 10-K - TUCSON ELECTRIC POWER COtep10k12312015.htm
EX-24 - EXHIBIT 24 - TUCSON ELECTRIC POWER COtepex2412312015.htm
EX-10.D1 - EXHIBIT 10.D1 - TUCSON ELECTRIC POWER COtepex10d1123115.htm
EX-32 - EXHIBIT 32 - TUCSON ELECTRIC POWER COtepex3212312015.htm
EX-21 - EXHIBIT 21 - TUCSON ELECTRIC POWER COtepex2112312015.htm
EX-31.B - EXHIBIT 31.B - TUCSON ELECTRIC POWER COtepex31b12312015.htm
EX-31.A - EXHIBIT 31.A - TUCSON ELECTRIC POWER COtepex31a12312015.htm


Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
 
 
Twelve Months Ended December 31,
(in thousands)
2015
 
2014
 
2013
 
2012
 
2011
Net Income
$
127,794

 
$
102,338

 
$
101,342

 
$
65,470

 
$
85,334

Add
 
 
 
 
 
 
 
 

Income Tax Expense
71,719

 
57,911

 
47,986

 
39,109

 
52,000

Interest Expense, Net(1)
63,555

 
68,555

 
80,793

 
91,295

 
93,786

Estimated Interest Portion of Rental Expense(2)
1,711

 
1,691

 
842

 
611

 
795

Total Earnings before Taxes and Fixed Charges
$
264,779

 
$
230,495

 
$
230,963

 
$
196,485

 
$
231,915

Fixed Charges
 
 
 
 
 
 
 
 
 
Interest Expense
(before deducting capitalized interest)(3)
$
69,179

 
$
88,340

 
$
85,591

 
$
93,077

 
$
95,859

Estimated Interest Portion of Rental Expense(2)
1,711

 
1,691

 
842

 
611

 
795

Total Fixed Charges
$
70,890

 
$
90,031

 
$
86,433

 
$
93,688

 
$
96,654

Ratio of Earnings to Fixed Charges
3.735


2.560


2.672


2.097


2.399

(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.




TUCSON ELECTRIC POWER CO Reports