EXHIBIT 12
THE UNION LIGHT, HEAT AND POWER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED 12 MONTHS ENDED DECEMBER 31
MARCH 31, ------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
----- ---- ---- ---- ---- ----
(UNAUDITED) (THOUSANDS, EXCEPT RATIOS)
Earnings Available
Income Before Interest Charges $8,106 $18,154 $17,685 $19,257 $19,863 $16,760
Allowance For Borrowed Funds Used
During Construction - Credit 29 621 151 58 198 183
Income Taxes 4,749 7,774 8,486 10,186 7,931 5,286
Interest Component of Rents (a) 262 1,048 315 1,511 1,920 1,851
------------------------------------------------------------------------------------
Total Available $13,146 $27,597 $26,637 $31,012 $29,912 $24,080
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Fixed Charges
Interest Charges $1,592 $5,225 $4,919 $4,719 $7,889 $8,556
Interest Component of Rents (a) 262 1,048 315 1,511 1,920 1,851
------------------------------------------------------------------------------------
Total Fixed Charges $1,854 $6,273 $5,234 $6,230 $9,809 $10,407
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Ratio of Earnings to Fixed Charges 7.09 4.40 5.09 4.98 3.05 2.31
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
- -----------------
(a) Estimated interest component of rentals (1/3 of rentals was used where no
readily defined interest