Exhibit 12a
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
12 Months
Ending Year Ended December 31
March ------------------------------------------------
31, 1998 1997 1996 1995 1994 1993
--------- ------------------------------------------------
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $159,093 $125,698 $167,351 $128,382 $79,312 $163,812
Federal income taxes 103,664 47,725 107,747 91,519 74,816 93,702
Federal income taxes charged
to other income - net 9,754 11,876 (1,608) (12,068) 22,687 (418)
Capitalized interest (334) (360) (600) (660) (400) (791)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities 165 (608) 460 8,325 743 --
-------- ------------------------------------------------
Total $272,342 $184,331 $273,350 $215,498 $177,158 $256,305
Fixed charges:
Interest expense $129,076 $123,439 $122,635 $131,346 $126,555 $120,962
Other interest 334 360 600 660 400 791
Portion of rentals
representative of the
interest factor 3,137 3,143 4,187 5,150 5,555 5,570
-------- ------------------------------------------------
Total $132,547 $126,942 $127,422 $137,156 $132,510 $127,323
Earnings available for
combined fixed charges $404,889 $311,273 $400,772 $352,654 $309,668 $383,628
======== ================================================
RATIO OF EARNINGS TO
FIXED CHARGES 3.05x 2.45x 3.15x 2.57x 2.34x 3.01x
Exhibit 12b
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
12 Months
Ending Year Ended December 31
March ------------------------------------------------
31, 1998 1997 1996 1995 1994 1993
--------- ------------------------------------------------
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $159,093 $125,698 $167,351 $128,382 $79,312 $163,812
Federal income taxes 103,664 47,725 107,747 91,519 74,816 93,702
Federal income taxes charged
to other income - net 9,754 11,876 (1,608) (12,068) 22,687 (418)
-------- ------------------------------------------------
Subtotal 272,511 185,299 273,490 207,833 176,815 257,096
Capitalized interest (334) (360) (600) (660) (400) (791)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities 165 (608) 460 8,325 743 --
-------- ------------------------------------------------
Total $272,342 $184,331 $273,350 $215,498 $177,158 $256,305
Fixed charges:
Interest expense $129,076 $123,439 $122,635 $131,346 $126,555 $120,962
Other interest 334 360 600 660 400 791
Portion of rentals
representative of the
interest factor 3,137 3,143 4,187 5,150 5,555 5,570
-------- ------------------------------------------------
Total $132,547 $126,942 $127,422 $137,156 $132,510 $127,323
Earnings available for
combined fixed charges
and preferred dividend
requirements $404,889 $311,273 $400,772 $352,654 $309,668 $383,628
======== ================================================
DIVIDEND REQUIREMENT:
Fixed charges above $132,547 $126,942 $127,422 $137,156 $132,510 $127,323
Preferred dividend
requirements below 26,661 26,250 36,249 36,674 45,441 29,904
-------- ------------------------------------------------
Total $159,208 $153,192 $163,671 $173,830 $177,951 $157,227
======== ================================================
12 Months
Ending Year Ended December 31
March ------------------------------------------------
31, 1998 1997 1996 1995 1994 1993
--------- ------------------------------------------------
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.54 2.03 2.45 2.03 1.74 2.44
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $272,511 $185,299 $273,490 $207,833 $176,815 $257,096
(b) Income from continuing
operations $159,093 $125,698 $167,351 $128,382 $ 79,312 $163,812
(c) Ratio of (a) to (b) 1.7129 1.4742 1.6342 1.6189 2.2294 1.5695
(d) Preferred dividends $ 15,565 $ 17,806 $ 22,181 $ 22,654 $ 20,383 $ 19,054
Preferred dividend
requirements
[(d) multiplied by (c)] $ 26,661 $ 26,250 $ 36,249 $ 36,674 $ 45,441 $ 29,904
======== ================================================