EXHIBIT (12)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (RESTATED – NOTE 2)
|
| Twelve |
| |
|
| (Restated – Note 2) |
| |
|
|
|
| |
Income before provision for income taxes and fixed charges (Note A) |
| $ | 79,814,413 |
|
|
|
|
| |
Fixed charges: |
|
|
| |
Interest on first mortgage bonds |
| $ | 15,248,969 |
|
Amortization of debt discount and expense less premium |
| 953,029 |
| |
Interest on short-term debt |
| 651,416 |
| |
Interest on long-term debt |
| 8,896,506 |
| |
|
|
|
| |
Interest on trust preferred distributions by subsidiary holding solely parent debentures |
| 4,250,000 |
| |
Other interest |
| 1,157,300 |
| |
Rental expense representative of an interest factor (Note B) |
| 23,157 |
| |
|
|
|
| |
Total fixed charges |
| 31,180,377 |
| |
|
|
|
| |
Ratio of earnings to fixed charges |
| 2.56 | x | |
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).
