EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN MILLIONS)
SIX MONTHS
ENDED
SEPTEMBER 30,
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1998 1997
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Net Income .................................................. $ 51.5 $ 77.2
Taxes on Income and Tax Benefit of Dividends on Preferred
Securities of Subsidiary Grantor Trust of $2.0 in 1998 and
1997........................................................ 32.9 47.2
Fixed Charges (1)............................................ 74.1 61.7
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Earnings Available for Fixed Charges......................... $158.5 $186.1
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Fixed Charges (1)............................................ $ 74.1 $ 61.7
Preferred Stock Dividends.................................... -- --
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Combined Fixed Charges and Preferred Stock Dividends......... $ 74.1 $ 61.7
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Ratio of Earnings to Fixed Charges........................... 2.14 x 3.02 x
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Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends............................................. 2.14 x 3.02 x
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(1) Fixed charges consist of interest expense incurred, the portion of rental
expense under operating leases deemed by the Company to be representative
of the interest factor and dividends on preferred securities of a
subsidiary grantor trust.