EX-12.2 6 d816622dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

WASHINGTON GAS LIGHT COMPANY

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)

   $ 145,858      $ 116,519      $ 181,793     $ 125,376      $ 169,430  

Add:

             

Total Fixed Charges

     38,415        37,081        37,886       42,141        40,735  

 

 

Total Earnings

   $       184,273      $       153,600      $       219,679     $       167,517      $       210,165  

 

 

FIXED CHARGES:

             

Interest on long term debt

   $ 36,233      $ 34,512      $ 36,275     $ 39,097      $ 38,474  

Other Interest (excluding AFUDC)

     458        525        (101     1,363        726  

Amortization of Debt Premium, Discount and Expense

     345        337        352       414        434  

One-third of Rental Expense(b)

     1,379        1,707        1,360       1,267        1,101  

 

 

Total Fixed Charges

   $ 38,415      $ 37,081      $ 37,886     $ 42,141      $ 40,735  

 

 

Ratio of Earnings to Fixed Charges

     4.8        4.1        5.8       4.0        5.2  

 

 

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

     0.3258        0.3793        0.3947       0.4449        0.3959  

Complement of Effective Income Tax Rate (1-Tax Rate)

     0.6742        0.6207        0.6053       0.5551        0.6041  

 

 

Preferred Dividend Requirement

   $ 1,958      $ 2,127      $ 2,181     $ 2,378      $ 2,185  

 

 

Combined Fixed Charges and Preferred Dividends

   $ 40,373      $ 39,208      $ 40,067     $ 44,519      $ 42,920  

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

     4.6        3.9        5.5       3.8        4.9  

 

 

(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.