WASHINGTON NATURAL GAS COMPANY
Computations of Ratio of Earnings to Fixed Charges
Consolidated
Fiscal Year Ended September 30
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1992 1993 1994 1995 1996
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(In thousands, except ratios)
Fixed Charges, as defined:
Interest on long-term debt $23,155 $25,468 $29,078 $27,628 $26,303
Interest on short-term debt 3,094 913 197 2,647 46
Amortization of Debt Discount 299 361 392 375 375
Other interest expense (502) 340 1,097 1,566 4,899
Interest charges capitalized 656 250 453 727 719
Interest portion of rentals 1,517 1,633 1,337 1,338 951
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Total fixed charges $28,219 $28,965 $32,554 $34,281 $33,293
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Earnings, as defined:
Net Income (loss) from
Continuing operations 12,231 21,771 (8,243) 17,854 37,224
Add: Federal Income taxes 4,902 9,547 (5,991) 8,195 19,216
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Pre-tax income from continuing 17,133 31,318 (14,234) 26,049 56,440
operations
Add total fixed charges above 28,219 28,965 32,554 34,281 33,293
Less adjustments to fixed charges
(a) Interest capitalized during the
period (656) (250) (453) (727) (719)
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Total earnings available for fixed
charges $44,696 $60,033 $17,867 $59,603 $89,014
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Ratio of earnings to fixed charges 1.58 2.07 0.55 1.74 2.67
Earnings deficit to cover fixed charges (14,687)