Exhibit 12.01
GOLDEN STATE WATER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
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| For the year ended December 31, |
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| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
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| For the nine |
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Earnings |
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Pre-tax income from continuing operations |
| $ | 39,394 |
| $ | 46,979 |
| $ | 45,094 |
| $ | 43,182 |
| $ | 44,193 |
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| $ | 51,582 |
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Add: Fixed charges |
| 20,007 |
| 20,967 |
| 20,633 |
| 22,347 |
| 22,094 |
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| 19,043 |
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Earnings available for fixed charges |
| $ | 59,401 |
| $ | 67,946 |
| $ | 65,727 |
| $ | 65,529 |
| $ | 66,287 |
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| $ | 70,625 |
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Fixed charges |
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Interest expense (1) |
| $ | 19,186 |
| $ | 20,063 |
| $ | 19,651 |
| $ | 21,398 |
| $ | 21,215 |
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| $ | 18,436 |
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Interest component of rentals (2) |
| 821 |
| 904 |
| 982 |
| 949 |
| 879 |
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| 607 |
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Total fixed charges |
| $ | 20,007 |
| $ | 20,967 |
| $ | 20,633 |
| $ | 22,347 |
| $ | 22,094 |
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| $ | 19,043 |
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Ratio of earnings to fixed charges |
| 2.97 |
| 3.24 |
| 3.19 |
| 2.93 |
| 3.00 |
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| 3.71 |
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(1) Includes amortization of debt issuance costs.
(2) Reflects one-third of rental expense under operating leases considered to represent an approximate interest factor.