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
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| Twelve Months Ended September 30, | ||||||||||||||||||||
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| ($ in thousands) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
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EARNINGS: | ||||||||||||||||||||
Pre-Tax Net Income(a) | $ | 145,858 | $ | 116,519 | $ | 181,793 | $ | 125,376 | $ | 169,430 | ||||||||||
Add: | ||||||||||||||||||||
Total Fixed Charges | 38,415 | 37,081 | 37,886 | 42,141 | 40,735 | |||||||||||||||
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Total Earnings | $ | 184,273 | $ | 153,600 | $ | 219,679 | $ | 167,517 | $ | 210,165 | ||||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest on long term debt | $ | 36,233 | $ | 34,512 | $ | 36,275 | $ | 39,097 | $ | 38,474 | ||||||||||
Other Interest (excluding AFUDC) | 458 | 525 | (101 | ) | 1,363 | 726 | ||||||||||||||
Amortization of Debt Premium, Discount and Expense | 345 | 337 | 352 | 414 | 434 | |||||||||||||||
One-third of Rental Expense(b) | 1,379 | 1,707 | 1,360 | 1,267 | 1,101 | |||||||||||||||
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Total Fixed Charges | $ | 38,415 | $ | 37,081 | $ | 37,886 | $ | 42,141 | $ | 40,735 | ||||||||||
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Ratio of Earnings to Fixed Charges | 4.8 | 4.1 | 5.8 | 4.0 | 5.2 | |||||||||||||||
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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 | 0.3258 | 0.3793 | 0.3947 | 0.4449 | 0.3959 | |||||||||||||||
Complement of Effective Income Tax Rate (1-Tax Rate) | 0.6742 | 0.6207 | 0.6053 | 0.5551 | 0.6041 | |||||||||||||||
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Preferred Dividend Requirement | $ | 1,958 | $ | 2,127 | $ | 2,181 | $ | 2,378 | $ | 2,185 | ||||||||||
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Combined Fixed Charges and Preferred Dividends | $ | 40,373 | $ | 39,208 | $ | 40,067 | $ | 44,519 | $ | 42,920 | ||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 4.6 | 3.9 | 5.5 | 3.8 | 4.9 | |||||||||||||||
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(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.