Exhibit 12.1

WGL HOLDINGS, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	Twelve Months Ended September 30,
($ in thousands)	2014		2013		2012		2011			2010
EARNINGS:
Pre-Tax Net Income(a)	$	161,320	$	132,355	$	233,247	$	206,069		$	184,477
Add:
Distributed Income (Loss) of Equity Investees		3,194		1,510		1,240		(549	)		284
Total Fixed Charges		39,484		37,893		38,583		42,619			41,218
Total Earnings	$	203,998	$	171,758	$	273,070	$	248,139		$	225,979
FIXED CHARGES:
Interest on long term debt	$	36,383	$	34,512	$	36,275	$	39,097		$	38,474
Other Interest (excluding AFUDC)		918		905		229		1,447			869
Amortization of Debt Premium, Discount and Expense		345		337		352		414			434
One-third of Rental Expense(b)		1,838		2,139		1,727		1,661			1,441
Total Fixed Charges	$	39,484	$	37,893	$	38,583	$	42,619		$	41,218
Ratio of Earnings to Fixed Charges		5.2		4.5		7.1		5.8			5.5
FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS:
Pre-Tax Preferred Dividend Requirement	$	1,320	$	1,320	$	1,320	$	1,320		$	1,320
Effective Income Tax Rate		0.3480		0.3906		0.3981		0.4241			0.3981
Complement of Effective Income Tax Rate (1-Tax Rate)		0.6520		0.6094		0.6019		0.5759			0.6019
Preferred Dividend Requirement	$	2,025	$	2,166	$	2,193	$	2,292		$	2,193
Combined Fixed Charges and Preferred Dividends	$	41,509	$	40,059	$	40,776	$	44,911		$	43,411
Ratio of Earnings to Fixed Charges and Preferred Dividends		4.9		4.3		6.7		5.5			5.2

^(a) Excludes amounts attributable to income or loss from equity investees.

^(b) Management believes one-third of the total rental expense gives a reasonable estimate of total interest on rentals.