EXHIBIT 99.3
WASHINGTON GAS LIGHT COMPANY
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 | 0.3883 | |||||
| Complement of Effective Income Tax Rate (1-Tax Rate) | 0.6117 | |||||
| Pre-Tax Preferred Dividends | $ | 2,158 | ||||
| FIXED CHARGES: | ||||||
| Interest Expense | $ | 47,878 | ||||
| Amortization of Debt Premium, Discount and Expense | 390 | |||||
| Interest Component of Rentals | 12 | |||||
| Total Fixed Charges | 48,280 | |||||
| Pre-tax Preferred Dividends | 2,158 | |||||
| Total Fixed Charges and Preferred Stock Dividends | $ | 50,438 | ||||
| EARNINGS: | ||||||
| Net Income | $ | 91,814 | ||||
| Add: | ||||||
| Income Taxes Applicable to Utility Operating Income | 63,270 | |||||
| Income Taxes Applicable to Non-Utility Operating Income | (1,191 | ) | ||||
| Income Taxes Applicable to Other Income (Expenses)-Net | (3,677 | ) | ||||
| Total Fixed Charges | 48,280 | |||||
| Total Earnings | $ | 198,496 | ||||
| Ratio of Earnings to Fixed Charges | 3.9 | |||||
