CITIZENS UTILITIES COMPANY & SUBSIDARIES Ratio of Earnings to Combined Fixed Charges and Dividends on Convertible Preferred Securities and Ratio of Earnings to Fixed Charges (In Thousands) Ratio of Earnings to Combined Fixed Charges and Dividends on Convertible Prefer- red Securities Ratio of Earnings to Fixed Charges ------------------ ------------------------------------------------------------ Twelve months ended March 31,1996 For the years ended December 31, ------------------------------------ ------------------------------------------ Proforma Actual Proforma Actual 1995 1994 1993 1992 1991 -------- -------- -------- ------ ------ ------ ------ ------ ------ Net Income per Consolidated State- ment of Income $175,586 $164,488 $181,039 $165,741 $159,536 $143,997 $125,630 $115,013 $112,354 Taxes based on income or profits 86,496 72,365 83,196 71,588 66,817 64,323 52,298 43,767 43,571 -------- -------- -------- -------- -------- -------- -------- -------- -------- Earnings,before income taxes 262,082 236,853 264,235 237,329 226,353 208,320 177,928 158,780 155,925 Fixed charges 97,110 95,565 88,510 93,535 94,227 77,458 40,984 41,676 35,987 -------- -------- -------- -------- -------- -------- -------- -------- -------- Earnings before income taxes and fixed charges $359,192 $332,418 $352,745 $330,864 $320,580 $285,778 $218,912 $200,456 $191,912 ======== ======== ======== ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed charges 3.7 3.5 4.0 3.5 3.4 3.7 5.3 4.8 5.3 ===== ===== ===== ===== ===== ===== ===== ===== =====