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,
1996 1995 1994 1993 1992
Income before provision
for income taxes
and fixed charges (Note A) $49,713,981 $45,769,091 $44,293,156 $37,149,166 $38,458,969
Fixed charges:
Interest on first mortgage
bonds $14,014,643 $14,026,176 $12,190,405 $12,382,695 $12,334,718
Amortization of debt
discount and
expense less premium 866,921 832,488 766,238 524,649 284,957
Interest on short-term 678,890 502,723 710,910 294,558 272,909
debt
Other interest 276,880 280,497 239,916 215,708 187,030
Rental expense
representative of an
interest factor (Note B) 127,440 119,380 118,587 165,571 123,932
Total fixed charges $15,964,774 $15,761,264 $14,026,056 $13,583,181 $13,203,546
Preferred stock dividend
requirements:
Preferred stock dividend
requirements
not deductible for tax $2,338,304 $2,338,304 $1,484,992 $304,760 $312,260
purposes
Ratio of income before
provision for
income taxes to net 1.531 1.516 1.538 1.479 1.494
income
Nondeductible dividend 3,579,943 3,544,869 2,283,918 450,740 466,516
requirements
Deductible dividends 78,036 78,036 78,036 80,330 80,330
Total preferred stock
dividend requirements $3,657,979 $3,622,905 $2,361,954 $531,070 $546,846
Total combined fixed
charges and
preferred stock dividend $19,622,753 $19,384,169 $16,388,010 $14,114,251 $13,750,392
requirements
Ratio of earnings to fixed 3.11 2.90 3.16 2.73 2.91
charges
Ratio of earnings to
combined fixed charges
and preferred stock 2.53 2.36 2.70 2.63 2.80
dividend requirements
<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).