Exhibit 99(e)
New Orleans Public Service Inc.
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Dividends
Twelve Months Ended
-----------------------------------------------
December 31, March 31,
1989 1990 1991 1992 1993 1994
------------------------------------------------------------
(In Thousands, Except for Ratios)
Fixed charges, as defined:
Interest on mortgage bonds $24,472 $24,472 $23,865 $22,934 $19,478 $18,803
Interest on notes payable -- -- -- -- -- 25
Other interest charges 2,422 831 793 1,714 1,016 1,020
Amortization of expense and premium on debt-net(cr) 579 579 565 576 598 654
Interest applicable to rentals 603 160 517 444 544 652
Total fixed charges, as defined 28,076 26,042 25,740 25,668 21,636 21,154
Preferred dividends, as defined (a) 4,633 4,020 3,582 3,214 2,952 2,935
Fixed charges and preferred dividends, as defined $32,709 $30,062 $29,322 $28,882 $24,588 $24,089
Earnings as defined:
Net Income $14,464 $27,542 $74,699 $26,424 $47,709 $34,592
Add:
Provision for income taxes:
Federal and State 848 134 8,885 16,575 27,479 30,585
Deferred Federal and State - net 9,296 17,370 36,947 (340) 5,203 (4,274)
Investment tax credit adjustment - net 444 (75) (591) (170) (744) (729)
Fixed charges as above 28,076 26,042 25,740 25,668 21,636 21,154
Total earnings, as defined $53,128 $71,013 $145,680 $68,157 $101,283 $81,328
Ratio of earnings to fixed charges, as defined 1.89 2.73 5.66 2.66 4.68 3.84
Ratio of earnings to fixed charges and
preferred dividends, as defined 1.62 2.36 4.97 2.36 4.12 3.38
- ------------------------
(a) "Preferred dividends," as defined by SEC regulation S-K, are computed by dividing the preferred dividend
requirement by one hundred percent (100%) minus the income tax rate.
(b) Earnings for the twelve months ended December 31, 1991 include the $90 million effect of the
1991 NOPSI Settlement.