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
1991 1992 1993 1994 1995
Fixed charges, as defined:
Interest on long-term debt $23,865 $22,934 $19,478 $16,382 $15,330
Interest on notes payable -- -- -- 153 130
Other interest charges 793 1,714 1,016 1,027 1,723
Amortization of expense and premium on debt-net(cr) 565 576 598 710 619
Interest applicable to rentals 517 444 544 1,245 916
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Total fixed charges, as defined 25,740 25,668 21,636 19,517 18,718
Preferred dividends, as defined (a) 3,582 3,214 2,952 2,071 1,964
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Combined fixed charges and preferred dividends, as defined $29,322 $28,882 $24,588 $21,588 $20,682
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Earnings as defined:
Net Income $74,699 $26,424 $47,709 $13,211 $34,386
Add:
Provision for income taxes:
Federal and State 8,885 16,575 27,479 22,606 22,465
Deferred Federal and State - net 36,947 (340) 5,203 (15,674) (1,364)
Investment tax credit adjustment - net (591) (170) (744) (2,332) (634)
Fixed charges as above 25,740 25,668 21,636 19,517 18,718
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Total earnings, as defined $145,680 $68,157 $101,283 $37,328 $73,571
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Ratio of earnings to fixed charges, as defined 5.66 2.66 4.68 1.91 3.93
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Ratio of earnings to combined fixed charges and
preferred dividends, as defined 4.97 2.36 4.12 1.73 3.56
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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.