Exhibit 12a
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Year Ended December 31
1998 1997 1996 1995 1994
- ----------------------------------- --------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $169,612 $125,698 $167,351 $128,382 $ 79,312
Federal income taxes 107,904 47,725 107,747 91,519 74,816
Federal income taxes charged
to other income - net 1,807 11,876 (1,608) (12,068) 22,687
Capitalized interest (1,782) (360) (600) (660) (400)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- (608) 460 8,325 743
- ----------------------------------- --------- --------- --------- --------- ---------
Total $277,541 $184,331 $273,350 $215,498 $177,158
- ----------------------------------- --------- --------- --------- --------- ---------
Fixed charges:
Interest expense $146,140 $123,439 $122,635 $131,346 $126,555
Other interest 1,782 360 600 660 400
Portion of rentals
representative of the
interest factor 2,878 3,143 4,187 5,150 5,555
- ----------------------------------- --------- --------- --------- --------- ---------
Total $150,800 $126,942 $127,422 $137,156 $132,510
- ----------------------------------- --------- --------- --------- --------- ---------
Earnings available for
combined fixed charges $428,341 $311,273 $400,772 $352,654 $309,668
RATIO OF EARNINGS TO
FIXED CHARGES 2.84x 2.45x 3.15x 2.57x 2.34x
Exhibit 12b
Page 1
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
Year Ended December 31
1998 1997 1996 1995 1994
- ---------------------------------- --------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $169,612 $125,698 $167,351 $128,382 $ 79,312
Federal income taxes 107,904 47,725 107,747 91,519 74,816
Federal income taxes charged
to other income - net 1,807 11,876 (1,608) (12,068) 22,687
Subtotal 279,323 185,299 273,490 207,833 176,815
Capitalized interest (1,782) (360) (600) (660) (400)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- (608) 460 8,325 743
- ---------------------------------- --------- --------- --------- --------- ---------
Total $277,541 $184,331 273,350 $215,498 $177,158
- ---------------------------------- --------- --------- --------- --------- ---------
Fixed charges:
Interest expense $146,140 $123,439 $122,635 $131,346 $126,555
Other interest 1,782 360 600 660 400
Portion of rentals
representative of the
interest factor 2,878 3,143 4,187 5,150 5,555
- ---------------------------------- --------- --------- --------- --------- ---------
Total $150,800 $126,942 $127,422 $137,156 $132,510
- ---------------------------------- --------- --------- --------- --------- ---------
Earnings available for
combined fixed charges
and preferred dividend
requirements $428,341 $311,273 $400,772 $352,654 $309,668
DIVIDEND REQUIREMENT:
Fixed charges above $150,800 $126,942 $127,422 $137,156 $132,510
Preferred dividend
requirements below 21,414 26,250 36,249 36,674 45,441
- ---------------------------------- --------- --------- --------- --------- ---------
Total $172,214 $153,192 $163,671 $173,830 $177,951
- ---------------------------------- --------- --------- --------- --------- ---------
Year Ended December 31
1998 1997 1996 1995 1994
- ----------------------------------- --------- --------- --------- --------- ---------
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.49 2.03 2.45 2.03 1.74
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $279,323 $185,299 $273,490 $207,833 $176,815
(b) Income from continuing
operations $169,612 $125,698 $167,351 $128,382 $ 79,312
(c) Ratio of (a) to (b) 1.6468 1.4742 1.6342 1.6189 2.2294
(d) Preferred dividends $ 13,003 $ 17,806 $ 22,181 $ 22,654 $ 20,383
Preferred dividend
requirements
[(d) multiplied by (c)] $ 21,414 $ 26,250 $ 36,249 $ 36,674 $ 45,441