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
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