Item 7 Exhibit 12 Computation of Ratios
---------- ---------------------
The computations of the coverage of fixed charges, excluding
the cumulative effect of the 1992 accounting change, before income
taxes, and the coverage of combined fixed charges and preferred
dividends for each of the years 1993 through 1991 on the basis of
parent company operations only, are as follows.
Year Ended Year
Ended Year Ended
December 31, December
31, December 31,
1993 1992
1991
------------
- ------------ ------------
Net income before cumulative effect
of accounting change $216,478,000
$172,599,000 $186,813,000
Taxes based on income 107,223,000
76,965,000 80,988,000
------------
- ------------ ------------
Income before taxes and cumulative effect
of accounting change 323,701,000
249,564,000 267,801,000
------------
- ------------ ------------
Fixed charges:
Interest charges 141,393,000
138,097,000 138,512,000
Interest factor in rentals 5,859,000
6,140,000 5,690,000
------------
- ------------ ------------
Total fixed charges 147,252,000
144,237,000 144,202,000
------------
- ------------ ------------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $470,953,000
$393,801,000 $412,003,000
============
============ ============
Coverage of fixed charges 3.20
2.73 2.86
====
==== ====
Preferred dividend requirements $16,255,000
$14,392,000 $12,298,000
------------
- ------------ ------------
Ratio of pre-tax income to net income 1.50
1.45 1.43
----
- ---- ----
Preferred dividend factor $24,383,000
$20,868,000 $17,586,000
------------
- ------------ ------------
Total fixed charges and preferred dividends $171,635,000
$165,105,000 $161,788,000
============
============ ============
Coverage of combined fixed charges
and preferred dividends 2.74
2.39 2.55
====
==== ====
Item 7 Exhibit 12 Computation of Ratios
---------- ---------------------
The computations of the coverage of fixed charges, excluding
the cumulative effect of the 1992 accounting change, before income
taxes, and the coverage of combined fixed charges and preferred
dividends for each of the years 1990 and 1989 on the basis of
parent company operations only, are as follows.
Year Ended Year
Ended
December 31, December
31,
1990 1989
------------
- ------------
Net income before cumulative effect
of accounting change $165,199,000
$183,487,000
Taxes based on income 70,962,000
92,593,000
------------
- ------------
Income before taxes and cumulative effect
of accounting change 236,161,000
276,080,000
------------
- ------------
Fixed charges:
Interest charges 127,386,000
113,305,000
Interest factor in rentals 4,237,000
4,338,000
------------
- ------------
Total fixed charges 131,623,000
117,643,000
------------
- ------------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $367,784,000
$393,723,000
============
============
Coverage of fixed charges 2.79
3.35
====
====
Preferred dividend requirements $10,598,000
$9,235,000
------------
- ------------
Ratio of pre-tax income to net income 1.43
1.50
----
- ----
Preferred dividend factor $15,155,000
$13,853,000
------------
- ------------
Total fixed charges and preferred dividends $146,778,000
$131,496,000
============
============
Coverage of combined fixed charges
and preferred dividends 2.51
2.99
====
====
Item 7 Exhibit 12 Computation of Ratios
---------- ---------------------
The computations of the coverage of fixed charges, excluding
the cumulative effect of the 1992 accounting change, before income
taxes, and the coverage of combined fixed charges and preferred
dividends for each of the years 1993 through 1991 on a fully
consolidated basis are as follows.
Year Ended Year
Ended Year Ended
December 31, December
31, December 31,
1993 1992
1991
------------
- ------------ ------------
Net income before cumulative effect
of accounting change $241,579,000
$200,760,000 $210,164,000
Taxes based on income 62,145,000
79,481,000 80,737,000
------------
- ------------ ------------
Income before taxes and cumulative effect
of accounting change 303,724,000
280,241,000 290,901,000
------------
- ------------ ------------
Fixed charges:
Interest charges 221,312,000
226,453,000 225,323,000
Interest factor in rentals 9,257,000
6,599,000 6,080,000
------------
- ------------ ------------
Total fixed charges 230,569,000
233,052,000 231,403,000
------------
- ------------ ------------
Nonutility subsidiary capitalized interest (2,059,000)
(2,200,000) (6,542,000)
------------
- ------------ ------------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $532,234,000
$511,093,000 $515,762,000
============
============ ============
Coverage of fixed charges 2.31
2.19 2.23
====
==== ====
Preferred dividend requirements $16,255,000
$14,392,000 $12,298,000
------------
- ------------ ------------
Ratio of pre-tax income to net income 1.26
1.40 1.38
----
- ---- ----
Preferred dividend factor $20,481,000
$20,149,000 $16,971,000
------------
- ------------ ------------
Total fixed charges and preferred dividends $251,050,000
$253,201,000 $248,374,000
============
============ ============
Coverage of combined fixed charges
and preferred dividends 2.12
2.02 2.08
====
==== ====
Item 7 Exhibit 12 Computation of Ratios
---------- ---------------------
The computations of the coverage of fixed charges, excluding
the cumulative effect of the 1992 accounting change, before income
taxes, and the coverage of combined fixed charges and preferred
dividends for each of the years 1990 and 1989 on a fully
consolidated basis are as follows.
Year Ended Year
Ended
December 31, December
31,
1990 1989
------------
- ------------
Net income before cumulative effect
of accounting change $170,234,000
$214,587,000
Taxes based on income 63,360,000
99,766,000
------------
- ------------
Income before taxes and cumulative effect
of accounting change 233,594,000
314,353,000
------------
- ------------
Fixed charges:
Interest charges 199,469,000
165,709,000
Interest factor in rentals 4,559,000
4,705,000
------------
- ------------
Total fixed charges 204,028,000
170,414,000
------------
- ------------
Nonutility subsidiary capitalized interest -
-
------------
- ------------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $437,622,000
$484,767,000
============
============
Coverage of fixed charges 2.14
2.84
====
====
Preferred dividend requirements $10,598,000
$9,235,000
------------
- ------------
Ratio of pre-tax income to net income 1.37
1.46
----
- ----
Preferred dividend factor $14,519,000
$13,483,000
------------
- ------------
Total fixed charges and preferred dividends $218,547,000
$183,897,000
============
============
Coverage of combined fixed charges
and preferred dividends 2.00
2.64
====
====