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8th grade Avg
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Exhibit 12.2
WASHINGTON GAS LIGHT COMPANY
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Twelve Months Ended September 30, | ||||||||||||||||||||
($ in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
EARNINGS: | ||||||||||||||||||||
Pre-Tax Net Income(a) | $ | 211,632 | $ | 184,780 | $ | 180,069 | $ | 145,858 | $ | 116,519 | ||||||||||
Add: | ||||||||||||||||||||
Total Fixed Charges | 53,990 | 42,916 | 43,202 | 38,415 | 37,081 | |||||||||||||||
Total Earnings | $ | 265,622 | $ | 227,696 | $ | 223,271 | $ | 184,273 | $ | 153,600 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 51,450 | $ | 40,129 | $ | 41,102 | $ | 36,233 | $ | 34,512 | ||||||||||
Other Interest (excluding AFUDC) | 391 | 674 | 295 | 458 | 525 | |||||||||||||||
Amortization of Debt Premium, Discount and Expense | 395 | 303 | 412 | 345 | 337 | |||||||||||||||
One-third of Rental Expense(b) | 1,754 | 1,810 | 1,393 | 1,379 | 1,707 | |||||||||||||||
Total Fixed Charges | $ | 53,990 | $ | 42,916 | $ | 43,202 | $ | 38,415 | $ | 37,081 | ||||||||||
Ratio of Earnings to Fixed Charges | 4.9 | 5.3 | 5.2 | 4.8 | 4.1 | |||||||||||||||
FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS: | ||||||||||||||||||||
Pre-Tax Preferred Dividend Requirement | $ | 1,320 | $ | 1,320 | $ | 1,320 | $ | 1,320 | $ | 1,320 | ||||||||||
Effective Income Tax Rate | 0.3773 | 0.3879 | 0.3965 | 0.3258 | 0.3793 | |||||||||||||||
Complement of Effective Income Tax Rate (1-Tax Rate) | 0.6227 | 0.6121 | 0.6035 | 0.6742 | 0.6207 | |||||||||||||||
Preferred Dividend Requirement | $ | 2,120 | $ | 2,157 | $ | 2,187 | $ | 1,958 | $ | 2,127 | ||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 56,110 | $ | 45,073 | $ | 45,389 | $ | 40,373 | $ | 39,208 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 4.7 | 5.1 | 4.9 | 4.6 | 3.9 |
(a) Excludes amounts attributable to income or loss from equity investees.
(b) Management believes one-third of the total rental expense gives a reasonable estimate of total interest on rentals.