EXHIBIT 12.01
GOLDEN STATE WATER COMPANY |
RATIO OF EARNINGS TO FIXED CHARGES |
(In Thousands) |
For The Year Ended December 31 | ||||||
Nine months | ||||||
ended Sept. 30, | ||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
Earnings | ||||||
Pre-tax income from continuing operations | $22,134 | $36,467 | $50,401 | $39,394 | $46,979 | $35,448 |
Add: Fixed charges | 17,778 | 17,982 | 14,066 | 20,007 | 20,967 | 15,766 |
Earnings available for fixed charges | 39,912 | 54,449 | 64,467 | 59,401 | 67,946 | 51,214 |
Fixed charges | ||||||
Interest Expense (1) | 17,061 | 17,168 | 13,288 | 19,186 | 20,063 | 15,035 |
Interest component of rentals (2) | 717 | 814 | 778 | 821 | 904 | 731 |
Total fixed charges | 17,778 | 17,982 | 14,066 | 20,007 | 20,967 | 15,766 |
Ratio of earnings to fixed charges | 2.25 | 3.03 | 4.58 | 2.97 | 3.24 | 3.25 |
(1)Includesamortization of debtissuance costs.
(2)Reflects one-third of rentalexpense underoperating leasesconsidered torepresent anapproximate interest factor.