EXHIBIT 99.1
WGL HOLDINGS, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
Twelve Months Ended March 31, 2001
(Dollars in Thousands)
(Unaudited)
Restated
| PRE-TAX PREFERRED STOCK DIVIDENDS: | ||||||
| Preferred Dividends | $ | 1,320 | ||||
| Effective Income Tax Rate | 0.3905 | |||||
| Complement of Effective Income Tax Rate (1-Tax Rate) | 0.6095 | |||||
| Pre-Tax Preferred Dividends | $ | 2,166 | ||||
| FIXED CHARGES: | ||||||
| Interest Expense | $ | 48,124 | ||||
| Amortization of Debt Premium, Discount and Expense | 390 | |||||
| Interest Component of Rentals | 12 | |||||
| Total Fixed Charges | 48,526 | |||||
| Pre-tax Preferred Dividends | 2,166 | |||||
| Total Fixed Charges and Preferred Stock Dividends | $ | 50,692 | ||||
| EARNINGS: | ||||||
| Net Income | $ | 91,320 | ||||
| Add: | ||||||
| Income Taxes Applicable to Utility Operating Income | 63,379 | |||||
| Income Taxes Applicable to Non-Utility Operating Income | (554 | ) | ||||
| Income Taxes Applicable to Other Income (Expenses)-Net | (3,336 | ) | ||||
| Total Fixed Charges | 48,526 | |||||
| Total Earnings | $ | 199,335 | ||||
| Ratio of Earnings to Fixed Charges | 3.9 | |||||
