Exhibit



	Six months ended June 30,		Twelve Months Ended
			December 31,
	2017		2016		2015		2014			2013		2012
RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	104,275	$	226,427	$	239,211	$	208,903		$	253,001	$	204,138
Adjust for distributed income of equity investees	7,183		12,861		1,060		(7,228		)	4,659		8,509
Fixed charges, as below	46,925		93,615		93,164		89,751			89,819		87,162
Total earnings, as defined	$	158,383	$	332,903	$	333,435	$	291,426		$	347,479	$	299,809

Fixed charges, as defined:
Interest charges ⁽¹⁾	$	46,035	$	92,006	$	91,762	$	88,034		$	88,309	$	85,359
Rental interest factor	890		1,609		1,402		1,717			1,510		1,803
Total fixed charges, as defined	$	46,925	$	93,615	$	93,164	$	89,751		$	89,819	$	87,162
Ratio of earnings to fixed charges	3.38x		3.56x		3.58x		3.25x			3.87x		3.44x

SUPPLEMENTAL RATIO OF EARNINGS TO FIXED CHARGES

Earnings, as defined:
Income from continuing operations before income taxes	$	104,275	$	226,427	$	239,211	$	208,903		$	253,001	$	204,138
Adjust for distributed income of equity investees	7,183		12,861		1,060		(7,228		)	4,659		8,509
Supplemental fixed charges, as below	47,028		93,833		93,406		90,095			90,324		87,793
Total earnings, as defined	$	158,486	$	333,121	$	333,677	$	291,770		$	347,984	$	300,440

Supplemental fixed charges:
Interest charges ⁽¹⁾	$	46,035	$	92,006	$	91,762	$	88,034		$	88,309	$	85,359
Rental interest factor	890		1,609		1,402		1,717			1,510		1,803
Supplemental increment to fixed charges ⁽²⁾	103		218		242		344			505		631
Total supplemental fixed charges	$	47,028	$	93,833	$	93,406	$	90,095		$	90,324	$	87,793
Supplemental ratio of earnings to fixed charges	3.37x		3.55x		3.57x		3.24x			3.85x		3.42x

⁽¹⁾FIN 48 interest is not included in interest charges.
⁽²⁾ Explanation of increment - Interest on the guaranty of American Falls Reservoir District bonds and Milner Dam, Inc. notes which are already included in operation expenses.