Computation of Ratios of Earnings to Fixed Charges
| | Year ended December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | 1999 | 1998 | 1997 | ||||||||||||
| Income before provision for income taxes and fixed charges (Note A) | $ | 43,475,564 | $ | 63,197,851 | $ | 59,759,998 | $ | 63,261,581 | $ | 54,880,632 | |||||||
| Fixed charges: | |||||||||||||||||
| Interest on first mortgage bonds | $ | 17,397,010 | $ | 17,414,513 | $ | 17,599,720 | $ | 17,012,160 | $ | 15,704,380 | |||||||
| Amortization of debt discount and expense less premium | 1,087,564 | 1,042,217 | 873,863 | 861,673 | 888,662 | ||||||||||||
| Interest on short-term debt | 2,229,216 | 1,247,690 | 1,673,077 | 659,741 | 1,143,254 | ||||||||||||
| Interest on notes payable | 7,899,736 | 7,899,171 | 929,150 | 1,500 | 0 | ||||||||||||
| Interest on trust preferred distributions by sub. holding solely parent debentures | 3,541,667 | 0 | 0 | 0 | 0 | ||||||||||||
| Other interest | 896,567 | 437,621 | 363,632 | 345,590 | 336,642 | ||||||||||||
| Rental expense representative of an interest factor (Note B) | 20,890 | 39,485 | 150,417 | 157,579 | 164,715 | ||||||||||||
| Total fixed charges | $ | 33,072,650 | $ | 28,080,697 | $ | 21,589,859 | $ | 19,038,243 | $ | 18,237,653 | |||||||
Ratio of income before provision for Income taxes to net income | 1.000 | 1.487 | 1.722 | 1.561 | 1.540 | ||||||||||||
Ratio of earnings to fixed charges | 1.31 | 2.25 | 2.77 | 3.32 | 3.01 | ||||||||||||
NOTE A: For the purpose of determining earnings in the calculation of the ratio, net income has been increased by the provision for income taxes, non-operating income taxes and by the sum of fixed charges as shown above.
NOTE B: One-third of rental expense (which approximates the interest factor).
