WGL (WGL) 10-K 2006 FY Annual report

Exhibit 12.2

WGL HOLDINGS, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends

($ in thousands)
Twelve Months Ended September 30,	2006		2005		2004		2003		2002
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		0.3897		0.3689		0.3812		0.3747		0.4444
Complement of Effective Income Tax Rate (1-Tax Rate)		0.6103		0.6311		0.6188		0.6253		0.5556
Pre-Tax Preferred Stock Dividends	$	2,163	$	2,092	$	2,133	$	2,111	$	2,376
FIXED CHARGES:
Interest Expense	$	47,593	$	42,021	$	43,097	$	44,975	$	44,849
Amortization of Debt Premium, Discount and Expense		578		821		426		855		391
Interest Component of Rentals		1,429		1,506		1,201		544		12
Total Fixed Charges		49,600		44,348		44,724		46,374		45,252
Pre-Tax Preferred Stock Dividends		2,163		2,092		2,133		2,111		2,376
Total Fixed Charges and Preferred Stock Dividends	$	51,763	$	46,440	$	46,857	$	48,485	$	47,628
EARNINGS:
Income from Continuing Operations before Dividends on Preferred Stock	$	96,014	$	107,392	$	100,915	$	115,783	$	38,503
Add:
Income Taxes		61,313		62,761		62,179		69,382		30,795
Total Fixed Charges		49,600		44,348		44,724		46,374		45,252
Total Earnings	$	206,927	$	214,501	$	207,818	$	231,539	$	114,550
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		4.0		4.6		4.4		4.8		2.4