Exhibit 99(e)
New Orleans Public Service Inc.
Computation of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
Twelve Months Ended
December 31, June 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 $17,540
Interest on notes payable -- -- -- -- -- 82
Other interest charges 2,422 831 793 1,714 1,016 1,033
Amortization of expense and premium on debt-net(cr) 579 579 565 576 598 697
Interest applicable to rentals 603 160 517 444 544 736
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Total fixed charges, as defined 28,076 26,042 25,740 25,668 21,636 20,088
Preferred dividends, as defined (a) 4,633 4,020 3,582 3,214 2,952 2,861
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Combined fixed charges and preferred dividends, as defined $32,709 $30,062 $29,322 $28,882 $24,588 $22,949
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Earnings as defined:
Net Income $14,464 $27,542 $74,699 $26,424 $47,709 $35,690
Add:
Provision for income taxes:
Federal and State 848 134 8,885 16,575 27,479 37,993
Deferred Federal and State - net 9,296 17,370 36,947 (340) 5,203 (11,149)
Investment tax credit adjustment - net 444 (75) (591) (170) (744) (726)
Fixed charges as above 28,076 26,042 25,740 25,668 21,636 20,088
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Total earnings, as defined $53,128 $71,013 $145,680 $68,157 $101,283 $81,896
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Ratio of earnings to fixed charges, as defined 1.89 2.73 5.66 2.66 4.68 4.08
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 1.62 2.36 4.97 2.36 4.12 3.57
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(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.