EXHIBIT (12)
Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined
Fixed Charges and Preferred Stock Dividend Requirements
Year ended December 31,
1995 1994 1993 1992 1991
Income before provision
for income taxes and
fixed charges (Note A) $45,769,091 $44,293,156 $37,149,166 $38,458,969 $41,131,878
Fixed charges:
Interest on first
mortgage bonds $14,026,176 $12,190,405 $12,382,695 $12,334,718 $12,353,688
Amortization of debt
discount and
expense less premium 832,488 766,238 524,649 284,957 204,340
Interest on short-term debt 502,723 710,910 294,558 272,909 287,196
Other interest 280,497 239,916 215,708 187,030 177,145
Rental expense
representative of an
interest factor (Note B) 119,380 118,587 165,571 123,932 107,093
Total fixed charges $15,761,264 $14,026,056 $13,583,181 $13,203,546 $13,129,462
Preferred stock dividend
requirements:
Preferred stock dividend
requirements not
deductible for tax
purposes $2,338,304 $1,484,992 $304,760 $312,260 $360,260
Ratio of income before
provision for
income taxes to net income 1.516 1.538 1.479 1.494 1.492
Nondeductible dividend
requirements 3,544,869 2,283,918 450,740 466,516 537,508
Deductible dividends 78,036 78,036 80,330 80,330 80,330
Total preferred stock
dividend requirements $3,622,905 $2,361,954 $531,070 $546,846 $617,838
Total combined fixed
charges and preferred
stock dividend
requirements $19,384,169 $16,388,010 $14,114,251 $13,750,392 $13,747,300
Ratio of earnings to fixed
charges 2.90 3.16 2.73 2.91 3.13
Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements 2.36 2.70 2.63 2.80 2.99
<FOOTNOTE>
NOTE A: For the purpose of determining earnings in the calculation of
the ratio, net income has been increased by the provision for income
taxes, non-operating income taxes and by the sum of fixed charges as
shown above.
NOTE B: One-third of rental expense (which approximates the interest
factor).