Exhibit 12a
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31,
1999 1998 1997 1996 1995
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EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $185,567 $169,612 $125,698 $167,351 $128,382
Federal income taxes 109,164 105,814 44,916 106,876 91,519
Federal income taxes charged
to other income - net 2,909 3,986 14,807 (784) (11,967)
Capitalized interest (3,692) (1,782) (360) (600) (660)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- -- (608) 460 8,325
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Total $293,948 $277,630 $184,453 $273,303 $215,599
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Fixed charges:
Interest expense $160,966 $146,248 $123,543 $122,635 $131,346
Other interest 3,692 1,782 360 600 660
Portion of rentals
representative of the
interest factor 4,575 2,878 3,143 4,187 5,150
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Total $169,233 $150,908 $127,046 $127,422 $137,156
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Earnings available for
combined fixed charges $463,181 $428,538 $311,499 $400,725 $352,755
RATIO OF EARNINGS TO
FIXED CHARGES 2.74x 2.84x 2.45x 3.14x 2.57x
Exhibit 12b
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31,
1999 1998 1997 1996 1995
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EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $185,567 $169,612 $125,698 $167,351 $128,382
Federal income taxes 109,164 105,814 44,916 106,876 91,519
Federal income taxes charged
to other income - net 2,909 3,986 14,807 (784) (11,967)
Subtotal 297,640 279,412 185,421 273,443 207,934
Capitalized interest (3,692) (1,782) (360) (600) (660)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- -- (608) 460 8,325
- --------------------------------------- ------------- ------------- ------------- ------------ ------------
Total $293,948 $277,630 $184,453 $273,303 $215,599
- --------------------------------------- ------------- ------------- ------------- ------------ ------------
Fixed charges:
Interest expense $160,966 $146,248 $123,543 $122,635 $131,346
Other interest 3,692 1,782 360 600 660
Portion of rentals
representative of the
interest factor 4,575 2,878 3,143 4,187 5,150
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Total $169,233 $150,908 $127,046 $127,422 $137,156
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Earnings available for
combined fixed charges
and preferred dividend
requirements $463,181 $428,538 $311,499 $400,725 $352,755
DIVIDEND REQUIREMENT:
Fixed charges above $169,233 $150,908 $127,046 $127,422 $137,156
Preferred dividend
requirements below 17,747 21,421 26,266 36,242 36,693
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Total $186,980 $172,329 $153,312 $163,664 $173,849
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Year Ended December 31,
1999 1998 1997 1996 1995
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RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.48 2.49 2.03 2.45 2.03
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $297,640 $279,412 $185, 421 $273,443 $207,934
(b) Income from continuing
operations $185,567 $169,612 $125,698 $167,351 $128,382
(c) Ratio of (a) to (b) 1.6039 1.6474 1.4751 1.6339 1.6197
(d) Preferred dividends $ 11,065 $ 13,003 $ 17,806 $ 22,181 $ 22,654
Preferred dividend
requirements
[(d) multiplied by (c)] $ 17,747 $ 21,421 $ 26,266 $ 36,242 $ 36,693