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 1994 through 1990 on the basis of parent company operations only, are
as follows.
For The Year Ended December 31,
-----------------------------------------------------
1994 1993 1992 1991 1990
--------- --------- --------- --------- ---------
(Thousands of Dollars)
Net income before cumulative effect
of accounting change $208,074 $216,478 $172,599 $186,813 $165,199
Taxes based on income 116,648 107,223 76,965 80,988 70,962
-------- -------- -------- -------- --------
Income before taxes and cumulative effect
of accounting change 324,722 323,701 249,564 267,801 236,161
-------- -------- -------- -------- --------
Fixed charges:
Interest charges 139,210 141,393 138,097 138,512 127,386
Interest factor in rentals 6,300 5,859 6,140 5,690 4,237
-------- -------- -------- -------- --------
Total fixed charges 145,510 147,252 144,237 144,202 131,623
-------- -------- -------- -------- --------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $470,232 $470,953 $393,801 $412,003 $367,784
======== ======== ======== ======== ========
Coverage of fixed charges 3.23 3.20 2.73 2.86 2.79
==== ==== ==== ==== ====
Preferred dividend requirements $16,437 $16,255 $14,392 $12,298 $10,598
-------- -------- -------- -------- --------
Ratio of pre-tax income to net income 1.56 1.50 1.45 1.43 1.43
---- ---- ---- ---- ----
Preferred dividend factor $25,642 $24,383 $20,868 $17,586 $15,155
-------- -------- -------- -------- --------
Total fixed charges and preferred dividends $171,152 $171,635 $165,105 $161,788 $146,778
======== ======== ======== ======== ========
Coverage of combined fixed charges
and preferred dividends 2.75 2.74 2.39 2.55 2.51
==== ==== ==== ==== ====
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 1994 through 1990 on a fully consolidated basis are as follows.
For The Year Ended December 31,
-----------------------------------------------------
1994 1993 1992 1991 1990
--------- --------- --------- --------- ---------
(Thousands of Dollars)
Net income before cumulative effect
of accounting change $227,162 $241,579 $200,760 $210,164 $170,234
Taxes based on income 93,953 62,145 79,481 80,737 63,360
-------- -------- -------- -------- --------
Income before taxes and cumulative effect
of accounting change 321,115 303,724 280,241 290,901 233,594
-------- -------- -------- -------- --------
Fixed charges:
Interest charges 224,514 221,312 226,453 225,323 199,469
Interest factor in rentals 9,938 9,257 6,599 6,080 4,559
-------- -------- -------- -------- --------
Total fixed charges 234,452 230,569 233,052 231,403 204,028
-------- -------- -------- -------- --------
Nonutility subsidiary capitalized interest (521) (2,059) (2,200) (6,542) -
-------- -------- -------- -------- --------
Income before income taxes, cumulative
effect of accounting change and
fixed charges $555,046 $532,234 $511,093 $515,762 $437,622
======== ======== ======== ======== ========
Coverage of fixed charges 2.37 2.31 2.19 2.23 2.14
==== ==== ==== ==== ====
Preferred dividend requirements $16,437 $16,255 $14,392 $12,298 $10,598
-------- -------- -------- -------- --------
Ratio of pre-tax income to net income 1.41 1.26 1.40 1.38 1.37
---- ---- ---- ---- ----
Preferred dividend factor $23,176 $20,481 $20,149 $16,971 $14,519
-------- -------- -------- -------- --------
Total fixed charges and preferred dividends $257,628 $251,050 $253,201 $248,374 $218,547
======== ======== ======== ======== ========
Coverage of combined fixed charges
and preferred dividends 2.15 2.12 2.02 2.08 2.00
==== ==== ==== ==== ====