COMPUTATION OF RATIO OF EXHIBIT 12
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30
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1999 1998 1997 1996 1995
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EARNINGS:
Income Before Interest Charges and Minority Interest
in Foreign Subsidiaries (2) $202,512 $118,085 $169,783 $159,599 $128,061
Allowance for Borrowed Funds Used in Construction 303 110 346 205 195
Federal Income Tax 44,583 43,626 57,807 55,148 30,522
State Income Tax 6,215 6,635 7,067 7,266 4,905
Deferred Inc. Taxes - Net (3) 14,030 (26,237) 3,800 3,907 8,452
Investment Tax Credit - Net (729) (663) (665) (665) (672)
Rentals (1) 4,281 4,672 5,328 5,640 5,422
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$271,195 $146,228 $243,466 $231,100 $176,885
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $65,402 $53,154 $42,131 $40,872 $40,896
Interest on Commercial Paper and
Short-Term Notes Payable 17,319 13,605 8,808 7,872 6,745
Other Interest (2) 2,835 16,919 4,502 6,389 4,721
Rentals (1) 4,281 4,672 5,328 5,640 5,422
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$89,837 $88,350 $60,769 $60,773 $57,784
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RATIO OF EARNINGS TO FIXED CHARGES 3.02 1.66 4.01 3.80 3.06
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, 1999, 1998, 1997, 1996 and 1995
reflect the reclassification of $1,839, $1,716, $1,716, $1,716 and $1,716
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 excludes the cumulative
effect of change in accounting.