EX-12.4 8 w27276exv12w4.htm EX-12.4 exv12w4
 

Exhibit 12.4
WASHINGTON GAS LIGHT COMPANY
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
                                         
 
($ in thousands)                    
Twelve Months Ended September 30,   2006   2005   2004   2003   2002
 
FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS:
                                       
Preferred Stock Dividends
  $ 1,320     $ 1,320     $ 1,320     $ 1,320     $ 1,320  
Effective Income Tax Rate
    0.3768       0.3469       0.3566       0.3807       0.3639  
Complement of Effective Income Tax Rate (1-Tax Rate)
    0.6232       0.6531       0.6434       0.6193       0.6361  
Pre-Tax Preferred Stock Dividends
  $ 2,118     $ 2,021     $ 2,052     $ 2,131     $ 2,075  
 
FIXED CHARGES:
                                       
Interest Expense
  $ 43,316     $ 40,319     $ 42,106     $ 42,309     $ 44,326  
Amortization of Debt Premium, Discount and Expense
    566       821       426       855       391  
Interest Component of Rentals
    1,185       1,266       968       594       12  
 
Total Fixed Charges
    45,067       42,406       43,500       43,758       44,729  
Pre-Tax Preferred Stock Dividends
    2,118       2,021       2,052       2,131       2,075  
 
Total Fixed Charges and Preferred Stock Dividends
  $ 47,185     $ 44,427     $ 45,552     $ 45,889     $ 46,804  
 
EARNINGS:
                                       
Net Income before Dividends on Preferred Stock
  $ 85,841     $ 89,213     $ 96,590     $ 110,898     $ 48,687  
Add:
                                       
Income Taxes
    51,902       47,393       53,544       68,167       27,751  
Total Fixed Charges
    45,067       42,406       43,500       43,758       44,729  
 
Total Earnings
  $ 182,810     $ 179,012     $ 193,634     $ 222,823     $ 121,167  
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
    3.9       4.0       4.3       4.9       2.6