EXHIBIT 12
COMPUTATION OF RATIO OF | ||||||||||||||||||||||||
EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||
Fiscal Year Ended September 30 | ||||||||||||||||||||||||
For the Twelve | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
September 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income Before Cumulative Effect of Changes in Accounting | $ | 166,586 | $ | 187,836 | $ | 117,682 | $ | 65,499 | $ | 127,207 | $ | 115,037 | ||||||||||||
Plus Minority Interest in Foreign Subsidiaries | 1,933 | 785 | 730 | 1,342 | 1,384 | 1,616 | ||||||||||||||||||
Plus Income Tax Expense | 92,737 | 128,161 | 72,034 | 37,106 | 77,068 | 64,829 | ||||||||||||||||||
Less Investment Tax Credit (1) | (697 | ) | (693 | ) | (702 | ) | (353 | ) | (1,051 | ) | (729 | ) | ||||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | (805 | ) | (535 | ) | 14,943 | (1,794 | ) | (1,669 | ) | (999 | ) | |||||||||||||
Plus Distributions from Unconsolidated Subsidiaries | 785 | 1,238 | 585 | 595 | 229 | — | ||||||||||||||||||
Plus Interest Expense on Long-Term Debt | 83,826 | 92,766 | 90,543 | 81,851 | 67,195 | 65,402 | ||||||||||||||||||
Plus Other Interest Expense | 6,763 | 12,290 | 15,109 | 25,294 | 32,890 | 22,296 | ||||||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,350 | ) | (2,078 | ) | (1,927 | ) | (1,927 | ) | (1,979 | ) | (1,839 | ) | ||||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 298 | (102 | ) | 446 | 438 | 424 | 303 | |||||||||||||||||
Plus Rentals (2) | 4,286 | 4,573 | 4,906 | 4,893 | 4,561 | 4,281 | ||||||||||||||||||
$ | 354,362 | $ | 424,241 | $ | 314,349 | $ | 212,944 | $ | 306,259 | $ | 270,197 | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 83,826 | $ | 92,766 | $ | 90,543 | $ | 81,851 | $ | 67,195 | $ | 65,402 | ||||||||||||
Plus Other Interest Expense | 6,763 | 12,290 | 15,109 | 25,294 | 32,890 | 22,296 | ||||||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,350 | ) | (2,078 | ) | (1,927 | ) | (1,927 | ) | (1,979 | ) | (1,839 | ) | ||||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 298 | (102 | ) | 446 | 438 | 424 | 303 | |||||||||||||||||
Plus Rentals (2) | 4,286 | 4,573 | 4,906 | 4,893 | 4,561 | 4,281 | ||||||||||||||||||
$ | 93,823 | $ | 107,449 | $ | 109,077 | $ | 110,549 | $ | 103,091 | $ | 90,443 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.78 | 3.95 | 2.88 | 1.93 | 2.97 | 2.99 |
(1) | Investment Tax Credit is included in Other Income | |
(2) | Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. | |
(3) | Fiscal 2002 includes the Impairment of Investment in Partnership of $15,167. |