Exhibit 12a
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31
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1996 1995 1994 1993 1992
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EARNINGS AVAILABLE FOR FIXED CHARGES
Pre-tax income:
Net income from continuing operations
per statement of income $167,351 $128,382 $ 79,312 $163,812 $153,942
Federal income taxes 107,747 91,519 74,816 93,702 76,114
Federal income taxes charged to
other income - net (1,608) (12,068) 22,687 (418) (1,781)
Capitalized interest (600) (660) (400) (791) (1,205)
Undistbuted (earnings) or losses
of less-than-fifty-percent-owned
entities 460 8,325 743 -- (567)
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Total $273,350 $215,498 $177,158 $256,305 $226,503
Fixed charges:
Interest expense $122,635 $131,346 $126,555 $120,962 $131,029
Other interest 600 660 400 791 1,205
Portion of rentals representative
of the interest factor 4,187 5,150 5,555 5,570 5,991
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Total $127,422 $137,156 $132,510 $127,323 $138,225
Earnings available for combined
fixed charges $400,772 $352,654 $309,668 $383,628 $364,728
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RATIO OF EARNINGS TO FIXED CHARGES 3.15x 2.57x 2.34x 3.01x 2.64x
Exhibit 12b
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December31
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1996 1995 1994 1993 1992
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EARNINGS AVAILABLE FOR COMBINED FIXED
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Pretax income:
Net income from continuing operations
per statement of income $167,351 $128,382 $ 79,312 $163,812 $153,942
Federal income taxes 107,747 91,519 74,816 93,702 76,114
Federal income taxes charged to
other income - net (1,608) (12,068) 22,687 (418) (1,781)
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Subtotal 273,490 207,833 176,815 257,096 228,275
Capitalized interest (600) (660) (400) (791) (1,205)
Undistributed (earnings) or losses
of less-than-fifty-percent-owned
entities 460 8,325 743 -- (567)
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Total $273,350 $215,498 $177,158 $256,305 $226,503
Fixed charges:
Interest expense $122,635 $131,346 $126,555 $120,962 $131,029
Other interest 600 660 400 791 1,205
Portion of rentals representative
of the interest factor 4,187 5,150 5,555 5,570 5,991
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Total $127,422 $137,156 $132,510 $127,323 $138,225
Earnings available for combined
fixed charges and preferred
dividend requirements $400,772 $352,654 $309,668 $383,628 $364,728
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DIVIDEND REQUIREMENT:
Fixed charges above $127,422 $137,156 $132,510 $127,323 $138,225
Preferred dividend requirements below 36,249 36,674 45,441 29,904 24,476
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Total $163,671 $173,830 $177,951 $157,227 $162,701
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS 2.45 2.03 1.74 2.44 2.24
COMPUTATION OF PREFERRED DIVIDEND
REQUIREMENTS:
(a) Pre-tax income $273,490 $207,833 $176,815 $257,096 $228,275
(b) Net income $167,351 $128,382 $ 79,312 $163,812 $153,942
(c) Ratio of (a) to (b) 1.6342 1.6189 2.2294 1.5695 1.4829
(d) Preferred dividends $ 22,181 $ 22,654 $ 20,383 $ 19,054 $ 16,506
Preferred dividend requirements
[(d) multiplied by (c)] $ 36,249 $ 36,674 $ 45,441 $ 29,904 $ 24,476
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