EXHIBIT NO. 12

                  CITIZENS UTILITIES COMPANY AND SUBSIDIARIES

      Statement Showing Computation of Ratio of Earnings to Fixed Charges
                      for the year ended December 31, 1993
                             (dollars in thousands)




 
 
                                                        
A.    Net income per Consolidated Statement of Income         $125,630
 
B.    Taxes based on income or profits                        $ 52,298
 
C.    Earnings, before income taxes (A + B)                   $177,928
 
D.    Fixed charges                                           $ 40,984
 
E.    Earnings before income taxes and fixed charges (C + D)  $218,912
 
F.    Ratio of Pre-tax Income to Net income (C / A)               1.42
 
G.    Ratio of Earnings to Fixed charges (E / D)                  5.34