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EXHIBIT 12-27
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED AND PREFERENCE STOCK DIVIDEND REQUIREMENTS
Year Ended December 31
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1994 1993 1992
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(Thousands, except for ratio and percent)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 419,909 $ 521,903 $ 588,047
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Taxes based on income:
Current income taxes . . . . . . . . . . . . . . . . . . . . 169,381 217,363 179,047
Deferred taxes - net . . . . . . . . . . . . . . . . . . . . 110,243 99,801 148,947
Investment tax credit adjustments - net . . . . . . . . . . (12,826) (14,227) (16,768)
Municipal and state . . . . . . . . . . . . . . . . . . . . 2,566 3,373 3,353
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Total taxes based on income . . . . . . . . . . . . . . . 269,364 306,310 314,579
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Fixed charges:
Interest on long-term debt . . . . . . . . . . . . . . . . . 273,763 325,194 388,580
Amortization of debt discount, premium
and expense . . . . . . . . . . . . . . . . . . . . . . . 10,832 9,114 3,952
Other interest . . . . . . . . . . . . . . . . . . . . . . . 11,170 4,928 5,169
Interest factor of rents . . . . . . . . . . . . . . . . . . 28,000 29,200 34,400
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Total fixed charges . . . . . . . . . . . . . . . . . . . 323,765 368,436 432,101
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Earnings before taxes based on income
and fixed charges . . . . . . . . . . . . . . . . . . . . . $1,013,038 $1,196,649 $1,334,727
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Preferred and preference stock
dividend requirements . . . . . . . . . . . . . . . . . . . $ 29,640 $ 30,837 $ 30,498
Dividends meeting requirement of
IRC Section 247 . . . . . . . . . . . . . . . . . . . . . . 3,870 4,383 4,651
Percent deductible for income tax purposes . . . . . . . . . . 40.00% 40.00% 41.18%
Amount deductible . . . . . . . . . . . . . . . . . . . . . . . 1,548 1,753 1,915
Amount not deductible . . . . . . . . . . . . . . . . . . . . . 28,092 29,084 28,583
Ratio of pretax income to net income . . . . . . . . . . . . . 1.64 1.58 1.53
Dividend factor for amount not deductible . . . . . . . . . . . 46,071 45,953 43,732
Amount deductible . . . . . . . . . . . . . . . . . . . . . . . 1,548 1,753 1,915
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Total preferred and preference stock
dividend factor . . . . . . . . . . . . . . . . . . . . . 47,619 47,706 45,647
Total fixed charges . . . . . . . . . . . . . . . . . . . . 323,765 368,436 432,101
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Total fixed charges and preferred and
preference stock dividends . . . . . . . . . . . . . . . $ 371,384 $ 416,142 $ 477,748
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Ratio of earnings to fixed charges and
preferred and preference stock
dividend requirements . . . . . . . . . . . . . . . . . . . 2.73 2.88 2.79
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