EXHIBIT 12 CITIZENS UTILITIES COMPANY AND SUBSIDIARIES Statement Showing Computation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges for the year ended December 31, 1999 (DOLLARS IN THOUSANDS) Ratio of Ratio of Earnings to Earnings to Combined Fixed Fixed Charges Charges ------------------------------- Pre-tax income before dividends on convertible preferred securities and discontinued operations $ 187,924 $ 187,924 Income or loss from equity investees (2,019) (2,019) Minority interest (23,227) (23,227) ------------------------------- Pre-tax income from continuing operations before adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees 162,678 162,678 Fixed charges 108,268 118,331 Amortization of capitalized interest - - Distributed income of equity investees 600 600 Interest capitalized (8,681) (8,681) Preference security dividend requirements of consolidated subsidiaries (10,063) (10,063) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges - - ------------------------------- Total earnings $ 252,803 $ 262,865 ------------------------------- Ratio of earnings to fixed charges 2.33 ============== Ratio of earnings to combined fixed charges 2.22 =================