Washington Gas Light (WGLCP) 10-K 2000 FY Annual report

Exhibit 12.1

 

WASHINGTON GAS LIGHT COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends
Years Ended September 30,
(Dollars in Thousands)
	2000    .		1999   .		1998    .		1997     .		1996   .      .
FIXED CHARGES AND PRE-TAX
PREFERRED STOCK DIVIDENDS
Preferred Dividends		$      1,323		$      1,331		$      1,331		$      1,331	$    1,332
Effective Income Tax Rate		0.3605		0.3768		0.3671		0.3713	0.3740
Complement of Effective Income
Tax Rate (1 - Tax Rate)		0.6395		0.6232		0.6329		0.6287	0.6260
Pre-tax Preferred Dividends		$      2,069		$      2,136		$      2,103		$      2,117	$    2,128
Interest Expense		$    43,535		$ 37,437		$    37,473		$    33,599	$  29,876
Amortization of Debt Premium,
Discount and Expense		346		566		370		299	256
Interest Component of Rentals		12		.            12		.            12		.            17	.           96
Total Fixed Charges		43,893		$    38,015		$    37,855		$    33,915	$  30,228
Pre-tax Preferred Dividends		2,069		2,136		2,103		2,117	2,128
Total		$    45,962		$    40,151		$    39,958		$    36,032	$  32,356
EARNINGS:
Net Income		84,574		68,768		68,629		82,019	81,591
Add:
Income Taxes Applicable to
Utility Operating Income		47,821		38,689		38,022		47,864	49,376
Income Taxes Applicable to
Non-Utility Operating Income and
Other Income (Expenses) - - Net		(153)		2,887		1,784		577	(629)
Total Fixed Charges		.     43,893		.     38,015		.    37,855		.     33,915	.   30,228
Total Earnings		$  176,135		$  148,359		$146,290		$ 164,375	$160,566
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends		3.8		3.7		3.7		4.6	5.0