COMPUTATION OF RATIO OF EXHIBIT 12
EARNINGS TO FIXED CHARGES
(UNAUDITED)
Fiscal Year Ended September 30
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1995 1994 1993 1992 1991
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EARNINGS:
Income Before Interest Charges (2) $128,061 $127,885 $125,742 $118,222 $110,240
Allowance for Borrowed Funds Used in Construction 195 209 174 1,088 2,278
Federal Income Tax 30,522 36,630 21,148 17,680 (3,929)
State Income Tax 4,905 6,309 2,979 3,426 341
Deferred Inc. Taxes - Net (3) 8,452 4,853 16,919 14,125 26,873
Investment Tax Credit - Net (672) (682) (693) (706) (738)
Rentals (1) 5,422 5,730 5,621 5,857 4,915
$176,885 $180,934 $171,890 $159,692 $139,980
FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $40,896 $36,699 $38,507 $39,949 $41,916
Interest on Commercial Paper and
Short-Term Notes Payable 6,745 5,599 7,465 12,093 11,933
Other Interest (2) 4,721 3,361 4,727 6,958 9,679
Rentals (1) 5,422 5,730 5,621 5,857 4,915
$57,784 $51,389 $56,320 $64,857 $68,443
RATIO OF EARNINGS TO FIXED CHARGES 3.06 3.52 3.05 2.46 2.05
Notes: (1) Rentals shown above represent the portion of all rentals (other
than delay rentals) deemed representative of the interest factor.
(2) Fiscal 1995, 1994, 1993 and 1992 reflect the reclassification of
$1,716, $1,674, $1,374 and $1,129, respectively, representing the
loss on reacquired debt amortized during each period, from Other
Interest Charges to Operation Expense.
(3) Deferred Income Taxes - Net for fiscal 1994 excludes the cumulative
effect of changes in accounting.