Washington Gas Light (WGLCP) 10-K 2004 FY Annual report

Exhibit 12.2

WGL HOLDINGS, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividends

($ in thousands)
Twelve Months Ended September 30,		2004		2003			2002			2001			2000
FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS:
Preferred Stock Dividends		$	1,320	$	1,320		$	1,320		$	1,320		$	1,323
Effective Income Tax Rate			0.3834		0.3742			0.4407			0.4050			0.3605
Complement of Effective Income Tax Rate (1-Tax Rate)			0.6166		0.6258			0.5593			0.5950			0.6395
Pre-Tax Preferred Stock Dividends		$	2,141	$	2,109		$	2,360		$	2,218		$	2,069
FIXED CHARGES:
Interest Expense		$	43,109	$	44,989		$	44,917		$	49,838		$	43,535
Amortization of Debt Premium, Discount and Expense			426		855			391			260			346
Interest Component of Rentals			1,256		594			12			12			12
Total Fixed Charges			44,791		46,438			45,320			50,110			43,893
Pre-Tax Preferred Stock Dividends			2,141		2,109			2,360			2,218			2,069
	Total Fixed Charges and Preferred Stock Dividends	$	46,932	$	48,547		$	47,680		$	52,328		$	45,962
EARNINGS:
Net Income before Dividends on Preferred Stock		$	97,957	$	113,662		$	40,441		$	83,765		$	84,574
Add:
	Income Taxes Applicable to Utility Operating Income		58,463		68,633			28,702			59,009			47,821
	Income Taxes Applicable to Non-Utility Operating Income and Other Income (Expenses)— Net		2,439		(665	)		3,175			(1,993	)		(153	)
	Total Fixed Charges		44,791		46,438			45,320			50,110			43,893
Total Earnings		$	203,650	$	228,068		$	117,638		$	190,891		$	176,135
Ratio of Earnings to Fixed Charges and Preferred Dividends			4.3		4.7			2.5	��		3.6			3.8