Exhibit 12
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
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| Year Ended December 31, |
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| YTD 9/08 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Earnings as defined: |
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Pretax income from continuing operations |
| $ | 373,206 |
| $ | 431,251 |
| $ | 323,159 |
| $ | 281,657 |
| $ | 290,861 |
| $ | 316,144 |
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Add: Fixed charges |
| 147,156 |
| 311,377 |
| 264,672 |
| 263,516 |
| 266,231 |
| 270,051 |
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Earnings as defined |
| $ | 520,362 |
| $ | 742,628 |
| $ | 587,831 |
| $ | 545,173 |
| $ | 557,092 |
| $ | 586,195 |
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Fixed charges: |
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Interest charges |
| $ | 113,222 |
| $ | 180,230 |
| $ | 137,493 |
| $ | 144,835 |
| $ | 157,447 |
| $ | 160,914 |
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Interest charges on life insurance policy borrowings |
| 172 |
| 105,396 |
| 117,536 |
| 107,610 |
| 98,094 |
| 89,351 |
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Interest component of operating leases |
| 33,762 |
| 25,751 |
| 9,643 |
| 11,071 |
| 10,690 |
| 12,414 |
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Distributions on redeemable preferred securities of subsidiary trust |
| — |
| — |
| — |
| — |
| — |
| 7,372 |
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Total fixed charges |
| $ | 147,156 |
| $ | 311,377 |
| $ | 264,672 |
| $ | 263,516 |
| $ | 266,231 |
| $ | 270,051 |
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Ratio of earnings to fixed charges |
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| 3.5 |
| 2.4 |
| 2.2 |
| 2.1 |
| 2.1 |
| 2.2 |
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