1
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
YEAR ENDED DECEMBER 31, ENDED MARCH 31,
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1997 1996 1995 1994 1993 1998 1997
------- ------- ------- ------- ------ ------ ------
Pretax earnings............. 76,622 96,245 84,934 63,365 44,507 49,784 44,988
Less: Capitalized
Interest.................. (608) (525) (499) (932) (1,164) (39) (76)
Plus: Fixed Charges......... 40,907 41,606 46,049 45,897 41,798 9,801 10,357
------- ------- ------- ------- ------ ------ ------
Adjusted earnings......... 116,921 137,326 130,484 108,330 85,141 59,546 55,269
Fixed Charges:
Interest reported......... 34,318 34,453 38,536 38,516 35,039 8,532 8,790
Interest capitalized...... 608 525 499 932 1,164 39 76
Fuel clause interest...... 2,452 2,120 2,480 2,061 1,532 535 554
Interest element of lease
rental payments
( 1/3)................. 3,529 4,508 4,534 4,388 4,063 695 937
------- ------- ------- ------- ------ ------ ------
40,907 41,606 46,049 45,897 41,798 9,801 10,357
Fixed Charge coverage..... 2.9x 3.3x 2.8x 2.4x 2.0x 6.1x 5.3x