Exhibit 12.1
Computation of ratio of earnings to fixed charges for the
the five years ended December 31, 2001
and the twelve months ended June 2001
Twelve
Months
Ended
Year ended December 31, June
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1996 1997 1998 1999 2000 2001
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-----------------------Thousands of Dollars---------------------------------------
Income Before Interest and Income Taxes $ 131,856 $ 124,428 $ 120,946 $ 119,576 $ 116,893 $ 126,510
AFUDC - Debt funds 58 5 0 0 440 974
Earnings as defined $ 131,914 $ 124,433 $ 120,946 $ 119,576 $ 117,333 $ 127,484
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FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt $ 24,691 $ 21,699 $ 19,718 $ 21,375 $ 22,622 $ 22,286
Interest on interim obligations 2,071 891 1,190 2,371 2,804 1,728
Amort of debt disc, premium and expense, net 2,087 2,281 2,100 1,989 2,047 1,997
Other interest charges 1,882 4,885 8,582 7,326 7,253 7,381
Fixed charges as defined $ 30,731 $ 29,756 $ 31,590 $ 33,061 $ 34,726 $ 33,392
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RATIO OF EARNINGS TO FIXED CHARGES 4.29 4.18 3.83 3.62 3.38 3.82
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