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, 1999 1998 1997 1996 1995 1994
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EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $173,365 $169,612 $125,698 $167,351 $128,382 $ 79,312
Federal income taxes 112,765 107,904 47,725 107,747 91,519 74,816
Federal income taxes charged
to other income - net 4,477 1,807 11,876 (1,608) (12,068) 22,687
Capitalized interest (2,442) (1,782) (360) (600) (660) (400)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- -- (608) 460 8,325 743
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Total $288,165 $277,541 $184,331 $273,350 $215,498 $177,158
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Fixed charges:
Interest expense $148,894 $146,140 $123,439 $122,635 $131,346 $126,555
Other interest 2,442 1,782 360 600 660 400
Portion of rentals
representative of the
interest factor 3,390 2,878 3,143 4,187 5,150 5,555
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Total $154,726 $150,800 $126,942 $127,422 $137,156 $132,510
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Earnings available for
combined fixed charges $442,891 $428,341 $311,273 $400,772 $352,654 $309,668
RATIO OF EARNINGS TO
FIXED CHARGES 2.86x 2.84x 2.45x 3.15x 2.57x 2.34x
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, 1999 1998 1997 1996 1995 1994
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EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $173,365 $169,612 $125,698 $167,351 $128,382 $ 79,312
Federal income taxes 112,765 107,904 47,725 107,747 91,519 74,816
Federal income taxes charged
to other income - net 4,477 1,807 11,876 (1,608) (12,068) 22,687
Subtotal 290,607 279,323 185,299 273,490 207,833 176,815
Capitalized interest (2,442) (1,782) (360) (600) 660) (400)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- -- (608) 460 8,325 743
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Total $288,165 $277,541 $184,331 $273,350 $215,498 $177,158
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Fixed charges:
Interest expense $148,894 $146,140 $123,439 $122,635 $131,346 $126,555
Other interest 2,442 1,782 360 600 660 400
Portion of rentals
representative of the
interest factor 3,390 2,878 3,143 4,187 5,150 5,555
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Total $154,726 $150,800 $126,942 $127,422 $137,156 $132,510
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Earnings available for
combined fixed charges
and preferred dividend
requirements $442,891 $428,341 $311,273 $400,772 $352,654 $309,668
DIVIDEND REQUIREMENT:
Fixed charges above $154,726 $150,800 $126,942 $127,422 $137,156 $132,510
Preferred dividend
requirements below 21,071 21,414 26,250 36,249 36,674 45,441
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Total $175,797 $172,214 $153,192 $163,671 $173,830 $177,951
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12 Months
Ending Year Ended December 31,
March 31, 1999 1998 1997 1996 1995 1994
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RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.52 2.49 2.03 2.45 2.03 1.74
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $290,607 $279,323 $185,299 $273,490 $207,833 $176,815
(b) Income from continuing
operations $173,365 $169,612 $125,698 $167,351 $128,382 $ 79,312
(c) Ratio of (a) to (b) 1.6763 1.6468 1.4742 1.6342 1.6189 2.2294
(d) Preferred dividends $ 12,570 $ 13,003 $ 17,806 $ 22,181 $ 22,654 $ 20,383
Preferred dividend
requirements
[(d) multiplied by (c)] $ 21,071 $ 21,414 $ 26,250 $ 36,249 $ 36,674 $ 45,441