Exhibit 12(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,
1990 1991 1992 1993 1994
Fixed charges, as defined:
Interest on mortgage bonds $24,472 $23,865 $22,934 $19,478 $16,382
Interest on notes payable -- -- -- -- 153
Other interest charges 831 793 1,714 1,016 1,027
Amortization of expense and premium on debt-net(cr) 579 565 576 598 710
Interest applicable to rentals 160 517 444 544 1,245
Total fixed charges, as defined 26,042 25,740 25,668 21,636 19,517
Preferred dividends, as defined (a) 4,020 3,582 3,214 2,952 2,071
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Combined fixed charges and preferred dividends, as defined $30,062 $29,322 $28,882 $24,588 $21,588
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Earnings as defined:
Net Income $27,542 $74,699 $26,424 $47,709 $13,211
Add:
Provision for income taxes:
Federal and State 134 8,885 16,575 27,479 22,606
Deferred Federal and State - net 17,370 36,947 (340) 5,203 (15,674)
Investment tax credit adjustment - net (75) (591) (170) (744) (2,332)
Fixed charges as above 26,042 25,740 25,668 21,636 19,517
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Total earnings, as defined $71,013 $145,680 $68,157 $101,283 $37,328
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Ratio of earnings to fixed charges, as defined 2.73 5.66 2.66 4.68 1.91
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 2.36 4.97 2.36 4.12 1.73
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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.