EX-12.1 3 s4ex121.htm

Exhibit 12.1

to Registration Statement

 

Ratio of earnings to fixed charges

 

 

 

Nine
 months
ended
Sept. 30,
 2002

 

Nine
months
ended
Sept. 30,
2002
excluding
non-
recurring
items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-
recurring
items

 

 

Non-
recurring
items

2001
excluding
non-
recurring
items

 

 

Non-
recurring
items

2000
excluding
non-
recurring
items

 

 

Non-
recurring
items

1999
excluding
non-
recurring
items

 

 

Non-
recurring
items

1998
excluding
non-
recurring
items

 

 

Non-
recurring
items

1997
excluding
non-
recurring
items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2001

 

2000

 

1999

 

1998

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

757,279

(517,367)

239,912

 

343,031

(117,370)

225,661

 

231,474

(2,646)

228,828

 

239,769

(1,452)

238,317

 

228,757

(30,528)

198,229

 

255,978

(106,416)

149,562

Income taxes

 

363,948

(234,132)

129,816

 

210,025

(66,698)

143,327

 

154,711

(4,166)

150,545

 

189,503

(36,821)

152,682

 

158,701

(19,331)

139,370

 

152,363

(63,224)

89,139

Net income before income taxes

 

1,121,227

(751,499)

369,728

 

 553,056

(184,068)

368,988

 

386,185

(6,812)

379,373

 

429,272

(38,273)

390,999

 

387,458

(49,859)

337,599

 

408,341

(169,640)

238,701

Adjustments to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

166,462

 

166,462

 

229,649

 

229,649

 

187,766

 

187,766

 

153,222

 

153,222

 

168,870

 

168,870

 

58,005

 

58,005

 

Capitalized interest

 

(1,176)

 

(1,176)

 

(3,472)

 

(3,472)

 

(3,800)

 

(3,800)

 

(1,990)

 

(1,990)

 

(626)

 

(626)

 

(797)

 

(797)

 

Preferred stock dividend requirement,

    before tax

 

(460)

 

(460)

 

(654)

 

(654)

 

(664)

 

(664)

 

(675)

 

(675)

 

(692)

 

(692)

 

(734)

 

(734)

 

Gross earnings from unconsolidated 

    cellular partnerships

 

(29,622)

 

(29,622)

 

(42,553)

(7,890)

(50,443)

 

(26,986)

(5,330)

(32,316)

 

(29,956)

(6,860)

(36,816)

 

(32,869)

-

(32,869)

 

(27,852)

-

(27,852)

 

Distributed earnings from unconsolidated

    cellular partnerships

 

19,098

 

19,098

 

30,856

 

30,856

 

35,842

 

35,842

 

22,219

 

22,219

 

26,515

 

26,515

 

16,825

 

16,825

 

Gross losses from unconsolidated

    cellular partnerships

 

 

 

0

 

15,093

 

15,093

 

-

 

-

 

2,281

 

2,281

 

-

 

-

 

58

 

58

 

Minority losses from majority-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    subsidiaries

 

(13) 

 

(13)

 

(127) 

 

(127) 

 

(1,702)

 

(1,702)

 

(10) 

 

(10)

 

(37) 

 

(37)

 

(1,437)

 

(1,437) 

Earnings as adjusted

 

1,275,516

 

524,017

 

781,848

 

589,890

 

576,641

 

564,499

 

574,363

 

529,230

 

548,619

 

498,760

 

452,409

 

282,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

164,826

 

164,826

 

225,523

 

225,523

 

183,302

 

183,302

 

150,557

 

150,557

 

167,552

 

167,552

 

56,474

 

56,474

 

Allowance for funds used during construction

 

1,176

 

1,176

 

3,472

 

3,472

 

3,800

 

3,800

 

1,990

 

1,990

 

626

 

626

 

797

 

797

 

Preferred stock dividend requirement,

    before tax

 

460

 

460

 

654

 

654

 

664

 

664

 

675

 

675

 

692

 

692

 

734

 

734

 

Total fixed charges

 

166,462

 

166,462

 

229,649

 

229,649

 

187,766

 

187,766

 

153,222

 

153,222

 

168,870

 

168,870

 

58,005

 

58,005

Ratio of earnings to fixed charges and preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock dividends

 

7.66

 

3.15

 

3.40

 

2.57

 

3.07

 

3.01

 

3.75

 

3.45

 

3.25

 

2.95

 

7.80

 

4.87

                                                     

 

 

 

 

 



 

 

 

 

Ratio of earnings from continuing operations to fixed charges and preferred stock dividends

Nine  months ended

Sept.  30, 2002
excluding
non-
recurring
items

         

Nine months
ended
Sept.  30,
2002

Non-
recurring
items

2001
excluding
non-
recurring
items

2000
excluding
non-
recurring
items

1999
excluding
non-
recurring
items

1998
excluding
non-
recurring
items

1997
excluding
non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

2001

2000

1999

1998

1997

 

Income from continuing operations

146,684

14,258

160,942

 

144,146

(16,377)

127,769

 

124,229

5,494

129,723

 

135,520

(5,571)

129,949

 

116,272

(18,255)

98,017

 

181,080

(106,416)

74,664

 

Income taxes from continuing operations

78,139

7,678

85,817

 

88,711

(8,666)

80,045

 

83,542

2,957

86,499

 

88,560

(2,964)

85,596

 

83,731

(9,830)

73,901

 

104,968

(63,224)

41,744

 

Net income from continuing operations                      
 

         before income taxes

224,823

21,936

246,759

 

232,857

(25,043)

207,814

 

207,771

8,451

216,222

 

224,080

(8,535)

215,545

 

200,003

(28,085)

171,918

 

286,048

(169,640)

116,408

                                                 

 

Adjustments to earnings (from continuing operations):

                                             
 

        Fixed charges

166,462

 

166,462

 

229,649

 

229,649

 

187,766

 

187,766

 

153,222

 

153,222

 

168,870

 

168,870

 

58,005

 

58,005

 

        Capitalized interest

(1,176)

 

(1,176)

 

(3,472)

 

(3,472)

 

(3,800)

 

(3,800)

 

(1,990)

 

(1,990)

 

(626)

 

(626)

 

(797)

 

(797)

 

        Preferred stock dividend requirement,

             before tax

(460)

 

(460)

 

(654)

 

(654)

 

(664)

 

(664)

 

(675)

 

(675)

 

(692)

 

(692)

 

(734)

 

(734)

 

        Minority losses from majority-owned

                                             
 

             subsidiaries

-

 

-

 

(35)

 

(35)

 

(1,614)

 

(1,614)

 

-

 

-

 

-

 

-

 

-

 

-

 

Earnings from continuing operations as adjusted

389,649

 

411,585

 

458,345

 

433,302

 

389,459

 

397,910

 

374,637

 

366,102

 

367,555

 

339,470

 

342,522

 

172,882

                                                   

 

Fixed charges from continuing operations:                                              
 

        Interest expense

164,826

 

164,826

 

225,523

 

225,523

 

183,302

 

183,302

 

150,557

 

150,557

 

167,552

 

167,552

 

56,474

 

56,474

 

        Allowance for funds used during construction

1,176

 

1,176

 

3,472

 

3,472

 

3,800

 

3,800

 

1,990

 

1,990

 

626

 

626

 

797

 

797

 

        Preferred stock dividend requirement,

            before tax

460

 

460

 

654

 

654

 

664

 

664

 

675

 

675

 

692

 

692

 

734

 

734

 

        Total fixed charges

166,462

  

166,462

 

229,649

  

229,649

 

187,766

   

187,766

 

153,222

   

153,222

 

168,870

  

168,870

 

58,005

  

58,005

Ratio of earnings from continuing operations to fixed

        charges and preferred stock dividends

2.34

 

2.47

2.00

1.89

2.07

2.12

2.45

2.39

2.18

2.01

5.91

2.98