Exhibit 12b
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
12 Months Ended | ||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
- Thousands of Dollars - | ||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on Long-Term Debt | $ | 50,230 | $ | 51,422 | $ | 56,243 | $ | 69,904 | $ | 76,585 | $ | 65,620 | ||||||||||||
Other Interest (1) | 4,538 | 6,436 | 2,597 | 1,263 | 1,820 | 273 | ||||||||||||||||||
Interest on Capital Lease Obligations | 64,477 | 72,556 | 79,064 | 85,869 | 84,053 | 87,783 | ||||||||||||||||||
Total Fixed Charges | 119,245 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | ||||||||||||||||||
Net Income | 53,456 | 66,745 | 48,267 | 46,127 | 128,913 | 55,390 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Extraordinary Income & Accounting Change - | ||||||||||||||||||||||||
Net of Tax | - | - | (626 | ) | - | 67,471 | - | |||||||||||||||||
Net Income from Continuing Operations | 53,456 | 66,745 | 48,893 | 46,127 | 61,442 | 55,390 | ||||||||||||||||||
Add (Deduct): | ||||||||||||||||||||||||
(Income) Losses from Equity Investees (2) | - | (320 | ) | (314 | ) | (131 | ) | (76 | ) | 17 | ||||||||||||||
Income Taxes | 35,542 | 42,478 | 33,907 | 34,815 | 21,090 | 36,434 | ||||||||||||||||||
Total Fixed Charges | 119,245 | 130,414 | 137,904 | 157,036 | 162,458 | 153,676 | ||||||||||||||||||
Total Earnings before Taxes | ||||||||||||||||||||||||
and Fixed Charges | $ | 208,243 | $ | 239,317 | $ | 220,390 | $ | 237,847 | $ | 244,914 | $ | 245,517 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.746 | 1.835 | 1.598 | 1.515 | 1.508 | 1.598 |
(1) Excludes recognition of Allowance for Borrowed Funds Used During Construction.
(2) True Pricing, Inc. and Inncom International, Inc. (income) losses.