NORTHWESTERN PUBLIC SERVICE COMPANY
STATEMENT OF COMPUTATION
RATIO OF EARNINGS TO FIXED CHARGES
1994
---------------------------
1990 1991 1992 1993 Actual Pro Forma
----------- ----------- ----------- ----------- ----------- -----------
EARNINGS AVAILABLE FOR FIXED CHARGES
Net Income per Statement of Income $17,506,083 $14,814,596 $13,721,406 $15,191,073 $15,440,208 $17,463,208
Add:
Income taxes 6,842,233 7,515,841 5,837,513 7,568,119 7,869,343 7,182,343
Interest on long-term debt 6,562,261 7,008,597 7,812,724 8,404,321 8,823,085 13,280,585
Amortization of debt expense and
other interest 289,109 419,498 450,431 590,408 885,742 918,242
One-third of all rentals (estimated
to be representative of the
interest component) 47,639 36,441 34,489 31,705 39,759 39,759
----------- ----------- ----------- ----------- ----------- -----------
Earnings available for fixed charges 31,247,325 29,794,973 27,856,563 31,785,626 33,058,137 38,884,137
----------- ----------- ----------- ----------- ----------- -----------
FIXED CHARGES
Interest on long-term debt 6,562,261 7,008,597 7,812,724 8,404,321 8,823,085 13,280,585
Amortization of debt expense and
other interest 165,347 246,063 302,294 590,408 885,742 918,242
One-third of all rentals (estimated
to be representative of the
interest component) 47,639 36,441 34,489 31,705 39,759 39,759
----------- ----------- ----------- ----------- ----------- -----------
Total fixed charges 6,775,247 7,291,101 8,149,507 9,026,434 9,748,586 14,238,586
----------- ----------- ----------- ----------- ----------- -----------
Preferred dividends 384,518 370,081 143,267 121,463 119,868 2,162,868
Effective tax rate 28% 34% 30% 33% 34% 29%
----------- ----------- ----------- ----------- ----------- -----------
Pre-tax equivalent preferred dividend
requirement 534,053 560,729 204,867 181,288 181,648 3,046,321
----------- ----------- ----------- ----------- ----------- -----------
Total fixed charges, including
preferred dividends 7,309,300 7,851,830 8,354,174 9,207,722 9,930,234 17,284,907
----------- ----------- ----------- ----------- ----------- -----------
Ratio of earnings to fixed charges 4.61 4.09 3.42 3.52 3.39 2.73
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
Ratio of earnings to fixed charges,
including preferred dividends 4.28 3.79 3.33 3.45 3.33 2.25
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
Three Months Ended
March 31, 1995
---------------------------
Actual Pro Forma
----------- -----------
EARNINGS AVAILABLE FOR FIXED CHARGES
Net Income per Statement of Income $7,102,634 $14,105,634
Add:
Income taxes 3,754,254 4,003,254
Interest on long-term debt 2,211,119 3,324,994
Amortization of debt expense and
other interest 433,929 442,054
One-third of all rentals (estimated
to be representative of the
interest component) 9,036 9,036
----------- -----------
Earnings available for fixed charges 13,510,972 21,884,972
----------- -----------
FIXED CHARGES
Interest on long-term debt 2,211,119 3,324,994
Amortization of debt expense and
other interest 433,929 442,054
One-third of all rentals (estimated
to be representative of the
interest component) 9,036 9,036
----------- -----------
Total fixed charges 2,654,084 3,776,084
----------- -----------
Preferred dividends 29,775 540,775
Effective tax rate 35% 22%
----------- -----------
Pre-tax equivalent preferred dividend
requirement 45,808 693,301
----------- -----------
Total fixed charges, including
preferred dividends 2,699,892 4,469,386
----------- -----------
Ratio of earnings to fixed charges 5.09 5.80
----------- -----------
----------- -----------
Ratio of earnings to fixed charges,
including preferred dividends 5.00 4.90
----------- -----------
----------- -----------