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WASHINGTON NATURAL GAS COMPANY
Statement of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividend Requirements
(000's omitted)
Fiscal Year Ended September 30
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1990 1991 1992 1993 1994
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1. Net Income (Loss) $18,762 $29,409 $12,231 $21,771 $ (8,243)
2. Add:
Federal income taxes 6,995 14,000 4,902 9,446 (5,991)
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3. Adjusted net income (loss)
from continuing operations 25,757 43,409 17,133 31,217 (14,234)
Add Fixed Charges:
Interest on funded and
unfunded debt
(not capitalized) 20,424 24,425 26,249 26,381 29,276
Amortization of debt discount 149 169 299 361 392
Rental for leased properties 1,287 1,353 1,498 1,507 1,122
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4. Net Earnings Available for
Fixed Charges 47,617 69,356 45,179 59,466 16,556
5. Fixed Charges:
Interest on funded and
unfunded debt 20,424 24,425 26,249 26,381 29,276
Amortization of debt discount 149 169 299 361 392
Rental for leased properties 1,287 1,353 1,498 1,507 1,122
Preferred dividends (pre-tax
equivalent) 4,271 4,238 4,215 4,185 6,122
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6. Total fixed charges $26,131 $30,185 $32,261 $32,434 $ 36,912
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7. Ratio of earnings to fixed
charges (4 divided by 6) 1.82 2.30 1.40 1.83 0.45(1)
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(1) For the year ended September 30, 1994, earnings are inadequate to cover
fixed charges by $20,356,000.