COMPUTATION OF RATIO OF EXHIBIT 12
EARNINGS TO FIXED CHARGES
UNAUDITED
Twelve Months Fiscal Year Ended September 30
Ended --------------------------------------------------------
December 31, 1998 1998 1997 1996 1995 1994
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EARNINGS:
Income Before Interest Charges and Minority
Interest in Foreign Subsidiaries (2) $126,198 $118,085 $169,783 $159,599 $128,061 $127,885
Allowance for Borrowed Funds Used in Con 105 110 346 205 195 209
Federal Income Tax 28,069 43,626 57,807 55,148 30,522 36,630
State Income Tax 6,108 6,635 7,067 7,266 4,905 6,309
Deferred Inc. Taxes - Net (3) (15,225) (26,237) 3,800 3,907 8,452 4,853
Investment Tax Credit - Net (679) (663) (665) (665) (672) (682)
Rentals (1) 4,438 4,672 5,328 5,640 5,422 5,730
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$149,014 $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 $ 59,033 $ 53,154 $ 42,131 $ 40,872 $ 40,896 $ 36,699
Interest on Commercial Paper and
Short-Term Notes Payable 16,095 13,605 8,808 7,872 6,745 5,599
Other Interest (2) 15,734 16,919 4,502 6,389 4,721 3,361
Rentals (1) 4,438 4,672 5,328 5,640 5,422 5,730
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$ 95,300 $ 88,350 $ 60,769 $ 60,773 $ 57,784 $ 51,389
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RATIO OF EARNINGS TO FIXED CHARGES 1.56 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 December 31, 1998 and, fiscal 1998, 1997, 1996,
1995 and 1994 reflect the reclassification of $1,734, $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.