EXHIBIT 12
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30
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1998 1997 1996 1995 1994
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EARNINGS:
Income Before Interest Charges and Minority
Interest in Foreign Subsidiaries (2) $118,085 $169,783 $159,599 $128,061 $127,885
Allowance for Borrowed Funds Used in Construction 110 346 205 195 209
Federal Income Tax 43,626 57,807 55,148 30,522 36,630
State Income Tax 6,635 7,067 7,266 4,905 6,309
Deferred Inc. Taxes - Net (3) (26,237) 3,800 3,907 8,452 4,853
Investment Tax Credit - Net (663) (665) (665) (672) (682)
Rentals (1) 4,672 5,328 5,640 5,422 5,730
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$146,228 $243,466 $231,100 $176,885 $180,934
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $53,154 $42,131 $40,872 $40,896 $36,699
Interest on Commercial Paper and
Short-Term Notes Payable 13,605 8,808 7,872 6,745 5,599
Other Interest (2) 16,919 4,502 6,389 4,721 3,361
Rentals (1) 4,672 5,328 5,640 5,422 5,730
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$88,350 $60,769 $60,773 $57,784 $51,389
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RATIO OF EARNINGS TO FIXED CHARGES 1.66 4.01 3.80 3.06 3.52
Notes:
(1) Rentals shown above represent the portion of all rentals (other than
delay rentals) deemed representative of the interest factor.
(2) The twelve months ended September 30, 1998 and, fiscal 1997, 1996, 1995
and 1994 reflect the reclassification of $1,716, $1,716, $1,716, $1,716
and $1,674, representing the loss on reacquired debt amortized during
each period, from Other Interest Charges to Operation Expense.
(3) Deferred Income Taxes - Net for fiscal 1998 and 1994 exclude the
cumulative effect of changes in accounting.