Item 7 Exhibit 12 Computation of Ratios
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The computations of the coverage of fixed charges, before income taxes,
and the coverage of combined fixed charges and preferred dividends for
each of the years 1997 through 1993 on the basis of parent company operations
only, are as follows.
For The Year Ended December 31,
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1997 1996 1995 1994 1993
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(Thousands of Dollars)
Net income $164,749 $220,066 $218,788 $208,074 $216,478
Taxes based on income 97,487 135,011 129,439 116,648 107,223
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Income before taxes 262,236 355,077 348,227 324,722 323,701
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Fixed charges:
Interest charges 146,703 146,939 146,558 139,210 141,393
Interest factor in rentals 23,616 23,560 23,431 6,300 5,859
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Total fixed charges 170,319 170,499 169,989 145,510 147,252
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Income before income taxes and fixed charges $432,555 $525,576 $518,216 $470,232 $470,953
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Coverage of fixed charges 2.54 3.08 3.05 3.23 3.20
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Preferred dividend requirements $16,579 $16,604 $16,851 $16,437 $16,255
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Ratio of pre-tax income to net income 1.59 1.61 1.59 1.56 1.50
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Preferred dividend factor $26,361 $26,732 $26,793 $25,642 $24,383
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Total fixed charges and preferred dividends $196,680 $197,231 $196,782 $171,152 $171,635
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Coverage of combined fixed charges
and preferred dividends 2.20 2.66 2.63 2.75 2.74
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Item 7 Exhibit 12 Computation of Ratios
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The computations of the coverage of fixed charges, before income taxes,
and the coverage of combined fixed charges and preferred dividends for
each of the years 1997 through 1993 on a fully consolidated basis
are as follows.
For The Year Ended December 31,
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1997 1996 1995 1994 1993
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(Thousands of Dollars)
Net income $181,830 $236,960 $94,391 $227,162 $241,579
Taxes based on income 65,669 80,386 43,731 93,953 62,145
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Income before taxes 247,499 317,346 138,122 321,115 303,724
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Fixed charges:
Interest charges 216,156 231,029 238,724 224,514 221,312
Interest factor in rentals 23,687 23,943 26,685 9,938 9,257
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Total fixed charges 239,843 254,972 265,409 234,452 230,569
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Nonutility subsidiary capitalized interest (493) (649) (529) (521) (2,059)
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Income before income taxes and fixed charges $486,849 $571,669 $403,002 $555,046 $532,234
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Coverage of fixed charges 2.03 2.24 1.52 2.37 2.31
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Preferred dividend requirements $16,579 $16,604 $16,851 $16,437 $16,255
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Ratio of pre-tax income to net income 1.36 1.34 1.46 1.41 1.26
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Preferred dividend factor $22,547 $22,249 $24,602 $23,176 $20,481
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Total fixed charges and preferred dividends $262,390 $277,221 $290,011 $257,628 $251,050
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Coverage of combined fixed charges
and preferred dividends 1.86 2.06 1.39 2.15 2.12
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