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COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| | Twelve Months Ended June 30, 2002 | ||
|---|---|---|---|
| Income before provision for income taxes and fixed charges (Note A) | $ | 47,690,734 | |
| Fixed charges: | |||
| Interest on first mortgage bonds | $ | 17,390,514 | |
| Amortization of debt discount and expense less premium | 1,094,910 | ||
| Interest on short-term debt | 1,046,927 | ||
| Interest on long-term debt | 7,899,736 | ||
| Interest on trust preferred distributions by subsidiary holding solely parent debentures | 4,250,000 | ||
| Other interest | 1,067,642 | ||
| Rental expense representative of an interest factor (Note B) | 18,678 | ||
| Total fixed charges | 32,768,407 | ||
| Ratio of income before provision for incomes taxes to net income | 1.363x | ||
| Ratio of earnings to fixed charges | 1.46x | ||
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).