EXHIBIT 12
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from Continuing Operations | $ | 138,091 | $ | 153,515 | $ | 154,265 | $ | 181,067 | $ | 113,502 | ||||||||||
Plus Income Tax Expense | 76,086 | 92,978 | 94,590 | 124,150 | 69,944 | |||||||||||||||
Less Investment Tax Credit (1) | (697 | ) | (697 | ) | (697 | ) | (693 | ) | (702 | ) | ||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | (3,583 | ) | 796 | (805 | ) | (535 | ) | 14,943 | ||||||||||||
Plus Distributions from Unconsolidated Subsidiaries | 4,651 | 1,990 | 785 | 1,238 | 585 | |||||||||||||||
Plus Interest Expense on Long-Term Debt | 72,629 | 73,244 | 82,989 | 91,381 | 88,646 | |||||||||||||||
Plus Other Interest Expense | 5,952 | 9,069 | 6,763 | 11,196 | 15,109 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,118 | ) | (1,066 | ) | (1,350 | ) | (2,078 | ) | (1,927 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 296 | 201 | 298 | (102 | ) | 446 | ||||||||||||||
Plus Rentals (2) | 2,810 | 3,554 | 4,286 | 4,573 | 4,906 | |||||||||||||||
$ | 295,117 | $ | 333,584 | $ | 341,124 | $ | 410,197 | $ | 305,452 | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 72,629 | $ | 73,244 | $ | 82,989 | $ | 91,381 | $ | 88,646 | ||||||||||
Plus Other Interest Expense | 5,952 | 9,069 | 6,763 | 11,196 | 15,109 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,118 | ) | (1,066 | ) | (1,350 | ) | (2,078 | ) | (1,927 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 296 | 201 | 298 | (102 | ) | 446 | ||||||||||||||
Plus Rentals (2) | 2,810 | 3,554 | 4,286 | 4,573 | 4,906 | |||||||||||||||
$ | 80,569 | $ | 85,002 | $ | 92,986 | $ | 104,970 | $ | 107,180 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.66 | 3.92 | 3.67 | 3.91 | 2.85 |
(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 and 2005 include the Impairment of Investment in Partnership of $15,167 and $4,158, respectively. |