Restated Exhibit 12
WESTERN RESOURCES, INC.
Computations of Ratio of Earnings to Fixed Charges and
Computations of Ratio of Earnings to Combined Fixed Charges
and Preferred and Preference Dividend Requirements
(Dollars in Thousands)
Unaudited
Three
Months
Ended
March 31, Year Ended December 31,
--------- --------------------------------------------------
2000 1999 1998 1997 1996 1995
-------- -------- -------- ---------- -------- --------
Earnings from
continuing operations(1)..... $72,427 $(45,460) $ 35,799 $879,556 $255,052 $265,068
-------- -------- -------- ---------- -------- --------
Fixed Charges:
Interest expense............. 70,026 294,104 226,120 193,808 152,551 123,821
Interest on Corporate-owned
Life Insurance Borrowings.. 9,769 36,908 38,236 36,167 35,151 32,325
Interest Applicable to
Rentals.................... 7,270 34,252 32,796 34,514 32,965 31,650
-------- -------- -------- ---------- -------- --------
Total Fixed Charges...... 87,065 365,264 297,152 264,489 220,667 187,796
-------- -------- -------- ---------- -------- --------
Distributed income of equity
investees.................... 672 3,728 3,812 - - -
Preferred and Preference Dividend
Requirements:
Preferred and Preference
Dividends.................... 282 1,129 3,591 4,919 14,839 13,419
Income Tax Required........... 186 746 1,095 3,798 7,562 6,160
-------- -------- -------- ---------- -------- --------
Total Preferred and
Preference Dividend
Requirements.............. 468 1,875 4,686 8,717 22,401 19,579
-------- -------- -------- ---------- -------- --------
Total Fixed Charges and Preferred
and Preference Dividend
Requirements................. 87,533 367,139 301,838 273,206 243,068 207,375
-------- -------- -------- ---------- -------- --------
Earnings (2) .................. $160,164 $323,532 $336,763 $1,144,045 $475,719 $452,864
======== ======== ======== ========== ======== ========
Ratio of Earnings to Fixed
Charges ....................... 1.84 0.89 1.13 4.33 2.16 2.41
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements......... 1.83 0.88 1.12 4.19 1.96 2.18
(1) Earnings from continuing operations consists of loss or earnings before
extraordinary gain and income taxes adjusted for minority interest and
undistributed earnings from equity investees.
(2) Earnings are deemed to consist of net income to which has been added income
taxes (including net deferred investment tax credit), fixed charges and
distributed income of equity investees.
Fixed charges consist of all interest on indebtedness, amortization of debt
discount and expense, and the portion of rental expense which represents an
interest factor. Preferred and preference dividend requirements consist of
an amount equal to the pre-tax earnings which would be required to meet
dividend requirements on preferred and preference stock.