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EXHIBIT 12.1
WASHINGTON GAS LIGHT COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends
Years Ended September 30
(Dollars in Thousands)
1997 1996 1995 1994 1993
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FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS
Preferred Dividends $ 1,331 $ 1,332 $ 1,333 $ 1,335 $ 1,336
Effective Income Tax Rate .3713 .3740 .3690 .3834 .3755
Complement of Effective Income
Tax Rate (1 - Tax Rate) .6287 .6260 .6310 .6166 .6245
Pre-tax Preferred Dividends $ 2,117 $ 2,128 $ 2,113 $ 2,165 $ 2,139
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Interest Expense $ 33,599 $ 29,876 $ 30,932 $ 30,899 $ 27,872
Amortization of Debt Premium,
Discount and Expense 299 256 315 367 410
Interest Component of Rentals 17 96 56 34 94
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Total Fixed Charges 33,915 30,228 31,303 31,300 28,376
Pre-tax Preferred Dividends 2,117 2,128 2,113 2,165 2,139
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Total $ 36,032 $ 32,356 $ 33,416 $ 33,465 $ 30,515
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EARNINGS:
Net Income $ 82,019 $ 81,591 $ 62,909 $ 60,459 $ 55,079
Add:
Income Taxes Applicable to
Operating Income 47,864 49,376 37,514 37,264 34,601
Income Taxes Applicable to
Other Income (Loss) - Net 577 (629) (730) 326 (1,479)
Total Fixed Charges 33,915 30,228 31,303 31,300 28,376
--------- --------- --------- --------- ---------
Total Earnings $ 164,375 $ 160,566 $ 130,996 $ 129,349 $ 116,577
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Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends 4.6 5.0 3.9 3.9 3.8
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