EXHIBIT NO. 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED DIVIDENDS COMBINED AND RATIO OF EARNINGS TO FIXED CHARGES
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
(Thousands of Dollars)
Earnings, as defined:
Net income $ 399,238 $388,317 $ 391,277 $ 372,604 $ 313,167
Fixed charges, as below 191,832 193,632 204,593 226,833 213,821
Income taxes, as below 249,180 225,340 247,405 232,046 180,518
----------- --------- ---------- ---------- ----------
Total earnings, as defined $ 840,250 $807,289 $ 843,275 $ 831,483 $ 707,506
=========== ========= ========== ========== ==========
Fixed Charges, as defined:
Interest on long-term debt $ 169,901 $163,468 $ 172,622 $ 187,397 $ 183,891
Other interest 11,156 18,743 19,155 25,896 16,119
Imputed interest factor in rentals-charged
principally to operating expenses 10,775 11,421 12,816 13,540 13,811
----------- --------- ---------- ---------- ----------
Total fixed charges, as defined $ 191,832 $ 193,632 $ 204,593 $ 226,833 $ 213,821
=========== ========= ========== ========== ==========
Earnings Before Income Taxes $ 648,418 $613,657 $ 638,682 $ 604,650 $ 493,685
=========== ========= ========== ========== ==========
Ratio of Earnings Before Income Taxes to Net Income 1.62 1.58 1.63 1.62 1.58
Income Taxes:
Income tax expense 257,494 233,565 255,630 240,386 188,813
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation (8,314) (8,225) (8,225) (8,340) (8,295)
----------- --------- ---------- ---------- ----------
Total income taxes $ 249,180 $ 225,340 $ 247,405 $ 232,046 $ 180,518
=========== ========= ========== ========== ==========
Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements $ 2,967 $ 6,052 $ 9,609 $ 9,609 $ 9,609
Portion deductible for income tax purposes (312) (312) (312) (312) (312)
----------- --------- ---------- ---------- ----------
Preferred dividend requirements not deductible $ 2,655 $ 5,740 $ 9,297 $ 9,297 $ 9,297
=========== ========= ========== ========== ==========
Preferred dividend factor:
Preferred dividends not deductible times ratio
of earnings before income taxes to net income $ 4,301 $ 9,069 $ 15,154 $ 15,061 $ 14,689
Preferred dividends deductible for income taxes 312 312 312 312 312
Fixed charges, as above 191,832 193,632 204,593 226,833 213,821
----------- --------- ---------- ---------- ----------
Total fixed charges and preferred dividends
combined $ 196,445 $203,013 $ 220,059 $ 242,206 $ 228,822
=========== ========= ========== ========== ==========
Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined 4.28 3.98 3.83 3.43 3.09
Ratio of Earnings to Fixed Charges 4.38 4.17 4.12 3.67 3.31