Exhibit 12
WESTERN RESOURCES, INC.
Computations of Ratio of Earnings to Fixed Charges and
Computations of Ratio of Earnings to Combined Fixed Charges
and Preferred and Preference Dividend Requirements
(Dollars in Thousands)
Year Ended December 31,
1997 1996 1995 1994 1993
Net Income . . . . . . . . . . . $ 494,094 $168,950 $181,676 $187,447 $177,370
Taxes on Income. . . . . . . . . 378,645 86,102 83,392 99,951 78,755
---------- -------- -------- -------- --------
Net Income Plus Taxes. . . . 872,739 255,052 265,068 287,398 256,125
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Fixed Charges:
Interest on Long-Term Debt . . 119,389 105,741 95,962 98,483 123,551
Interest on Other Indebtedness 55,761 34,685 27,487 20,139 19,255
Interest on Other Mandatorily
Redeemable Securities. . . . 18,075 12,125 372 - -
Interest on Corporate-owned
Life Insurance Borrowings. . 36,167 35,151 32,325 26,932 16,252
Interest Applicable to
Rentals. . . . . . . . . . . 34,514 32,965 31,650 29,003 28,827
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Total Fixed Charges. . . . 263,906 220,667 187,796 174,557 187,885
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Preferred and Preference Dividend
Requirements:
Preferred and Preference
Dividends. . . . . . . . . . 4,919 14,839 13,419 13,418 13,506
Income Tax Required. . . . . . 3,770 7,562 6,160 7,155 5,997
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Total Preferred and
Preference Dividend
Requirements . . . . . . 8,689 22,401 19,579 20,573 19,503
---------- -------- -------- -------- --------
Total Fixed Charges and Preferred
and Preference Dividend
Requirements. . . . . . . . . 272,595 243,068 207,375 195,130 207,388
---------- -------- -------- -------- --------
Earnings (1) . . . . . . . . . . $1,136,645 $475,719 $452,864 $461,955 $444,010
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Ratio of Earnings to Fixed
Charges . . . . . . . . . . . . 4.31 2.16 2.41 2.65 2.36
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements. . . . . 4.17 1.96 2.18 2.37 2.14
(1) Earnings are deemed to consist of net income to which has been added
income taxes (including net deferred investment tax credit) and fixed
charges. Fixed charges consist of all interest on indebtedness,
amortization of debt discount and expense, and the portion of rental
expense which represents an interest factor. Preferred and preference
dividend requirements consist of an amount equal to the pre-tax
earnings which would be required to meet dividend requirements on
preferred and preference stock.