Exhibit 12.4
WASHINGTON GAS LIGHT COMPANY
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
($ in thousands) | ||||||||||||||||||||
Twelve Months Ended September 30, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS: | ||||||||||||||||||||
Preferred Stock Dividends | $ | 1,320 | $ | 1,320 | $ | 1,320 | $ | 1,320 | $ | 1,320 | ||||||||||
Effective Income Tax Rate | 0.3824 | 0.3617 | 0.3758 | 0.3768 | 0.3469 | |||||||||||||||
Complement of Effective Income Tax Rate (1-Tax Rate) | 0.6176 | 0.6383 | 0.6242 | 0.6232 | 0.6531 | |||||||||||||||
Pre-Tax Preferred Stock Dividends | $ | 2,137 | $ | 2,068 | $ | 2,115 | $ | 2,118 | $ | 2,021 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest Expense | $ | 42,887 | $ | 45,307 | $ | 44,621 | $ | 43,316 | $ | 40,319 | ||||||||||
Amortization of Debt Premium, Discount and Expense | 406 | 410 | 471 | 566 | 821 | |||||||||||||||
Interest Component of Rentals | 1,239 | 1,290 | 1,288 | 1,185 | 1,266 | |||||||||||||||
Total Fixed Charges | 44,532 | 47,007 | 46,380 | 45,067 | 42,406 | |||||||||||||||
Pre-Tax Preferred Stock Dividends | 2,137 | 2,068 | 2,115 | 2,118 | 2,021 | |||||||||||||||
Total Fixed Charges and Preferred Stock Dividends | $ | 46,669 | $ | 49,075 | $ | 48,495 | $ | 47,185 | $ | 44,427 | ||||||||||
EARNINGS: | ||||||||||||||||||||
Net Income before Dividends on Preferred Stock | $ | 106,585 | $ | 114,182 | $ | 90,500 | $ | 85,841 | $ | 89,213 | ||||||||||
Add: | ||||||||||||||||||||
Income Taxes | 66,018 | 64,707 | 54,497 | 51,902 | 47,393 | |||||||||||||||
Total Fixed Charges | 44,532 | 47,007 | 46,380 | 45,067 | 42,406 | |||||||||||||||
Total Earnings | $ | 217,135 | $ | 225,896 | $ | 191,377 | $ | 182,810 | $ | 179,012 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | 4.7 | 4.6 | 3.9 | 3.9 | 4.0 | |||||||||||||||