EXHIBIT 12
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30
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1997 1996 1995 1994 1993
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EARNINGS:
Income Before Interest Charges (2) $169,783 $159,599 $128,061 $127,885 $125,742
Allowance for Borrowed Funds Used in Construction 346 205 195 209 174
Federal Income Tax 57,807 55,148 30,522 36,630 21,148
State Income Tax 7,067 7,266 4,905 6,309 2,979
Deferred Inc. Taxes - Net (3) 3,800 3,907 8,452 4,853 16,919
Investment Tax Credit - Net (665) (665) (672) (682) (693)
Rentals (1) 5,328 5,640 5,422 5,730 5,621
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$243,466 $231,100 $176,885 $180,934 $171,890
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $42,131 $40,872 $40,896 $36,699 $38,507
Interest on Commercial Paper and
Short-Term Notes Payable 8,808 7,872 6,745 5,599 7,465
Other Interest (2) 4,502 6,389 4,721 3,361 4,727
Rentals (1) 5,328 5,640 5,422 5,730 5,621
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$60,769 $60,773 $57,784 $51,389 $56,320
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RATIO OF EARNINGS TO FIXED CHARGES 4.01 3.80 3.06 3.52 3.05
Notes:
(1) Rentals shown above represent the portion of all rentals (other than
delay rentals) deemed representative of the interest factor.
(2) Fiscal 1997, 1996, 1995, 1994 and 1993 reflect the reclassification of
$1,716, $1,716, $1,716, $1,674 and $1,374, 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.