Exhibit 12.4
WASHINGTON GAS LIGHT COMPANY
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Twelve Months Ended September 30, | ||||||||||||||||||||
($ in thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
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 | 0.4449 | 0.3959 | 0.3824 | 0.3617 | 0.3758 | |||||||||||||||
Complement of Effective Income Tax Rate (1-Tax Rate) | 0.5551 | 0.6041 | 0.6176 | 0.6383 | 0.6242 | |||||||||||||||
Pre-Tax Preferred Stock Dividends | $ | 2,378 | $ | 2,185 | $ | $2,137 | $ | $2,068 | $ | 2,115 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest Expense | $ | 40,460 | $ | 39,217 | $ | 42,887 | $ | 45,307 | $ | 44,621 | ||||||||||
Amortization of Debt Premium, Discount and Expense | 414 | 417 | 406 | 410 | 471 | |||||||||||||||
Interest Component of Rentals | 1,267 | 1,101 | 1,239 | 1,290 | 1,288 | |||||||||||||||
Total Fixed Charges | 42,141 | 40,735 | 44,532 | 47,007 | 46,380 | |||||||||||||||
Pre-Tax Preferred Stock Dividends | 2,378 | 2,185 | 2,137 | 2,068 | 2,115 | |||||||||||||||
Total Fixed Charges and Preferred Stock Dividends | $ | 44,519 | $ | 42,920 | $ | 46,669 | $ | 49,075 | $ | 48,495 | ||||||||||
EARNINGS: | ||||||||||||||||||||
Net Income | $ | 69,590 | $ | 102,349 | $ | 106,585 | $ | 114,182 | $ | 90,500 | ||||||||||
Add: | ||||||||||||||||||||
Income Taxes | 55,786 | 67,081 | 66,018 | 64,707 | 54,497 | |||||||||||||||
Total Fixed Charges | 42,141 | 40,735 | 44,532 | 47,007 | 46,380 | |||||||||||||||
Total Earnings | $ | 167,517 | $ | 210,165 | $ | 217,135 | $ | 225,896 | $ | 191,377 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 3.8 | 4.9 | 4.7 | 4.6 | 3.9 | |||||||||||||||