Ex-12
Computation of Ratio of Earnings to Fixed Charges
Twelve Months Ended
Dec.31 Dec.31 Dec.31 Dec.31 Dec.31
1993 1994 1995 1996 1997
(Thousands of Dollars)
Fixed Charges, as defined:
Interest on long-term debt $16,166 15,405 14,811 14,587 13,880
Other interest 596 1,771 2,325 1,885 1,730
Interest component of rents
charged to operating expenses 183 177 227 231 264
------- ------ ------- ------- -------
Total Fixed Charges $16,945 17,353 17,363 16,703 15,874
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Earnings, as defined:
Net income $18,987 20,667 27,656 28,323 29,168
Income taxes 9,464 9,188 19,453 18,133 17,685
Fixed charges 16,945 17,353 17,363 16,703 15,874
------- ------- ------- ------- -------
Total Earnings $45,396 47,208 64,472 63,159 62,727
======= ======= ======= ======= =======
Ratio-Earnings to Fixed Charges 2.68x 2.72x 3.71x 3.78x 3.95x
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Computation of Ratio of Earnings to Fixed Charges
and Preferred & Preference Dividends
Twelve Months Ended
Dec.31 Dec.31 Dec.31 Dec.31 Dec.31
1993 1994 1995 1996 1997
(Thousands of Dollars)
Fixed Charges, as defined:
Interest on long-term debt $16,166 15,405 14,811 14,587 13,880
Other interest 596 1,771 2,325 1,885 1,730
Interest component of rents
charged to operating expenses 183 177 227 231 264
------- ------ ------- ------- -------
Total Fixed Charges $16,945 17,353 17,363 16,703 15,874
====== ====== ======= ======= =======
Preferred & Preference
Dividends, as defined (a) 4,287 3,545 4,187 4,040 3,966
------ ------ ------- ------- -------
Fixed Charges and Preferred &
Preference Dividends $21,232 20,898 21,550 20,743 19,840
====== ======= ====== ======= =======
Earnings, as defined:
Net income $18,987 20,667 27,656 28,323 29,168
Income taxes 9,464 9,188 19,453 18,133 17,685
Fixed charges 16,945 17,353 17,363 16,703 15,874
------- ------ ------- ------- -------
Total Earnings $45,396 47,208 64,472 63,159 62,727
======= ====== ======= ======= =======
Ratio-Earnings to Fixed
Charges and Preferred &
Preference Dividends 2.14x 2.26x 2.99x 3.04x 3.16x
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(a) Preferred and preference dividends have been adjusted by multiplying
the requirement by the ratio that income before income taxes bears to
net income. Such ratios were as follows: 150% in 1993, 145% in 1994,
170% in 1995, 164% in 1996 and 161% in 1997.