EX-12 4 a2072488zex-12.htm COMPUTATION OF RATIOS OF EARNINGS
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EXHIBIT (12)

Computation of Ratios of Earnings to Fixed Charges

			Year ended December 31, 2001
			2001		2000		1999		1998		1997
Income before provision for income taxes And fixed charges (Note A)			$	45,032,736	$	63,197,851	$	60,689,149	$	63,261,581	$	54,880,632

Fixed charges:
	Interest on first mortgage bonds		$	17,397,010	$	17,414,513	$	18,528,871	$	17,012,160	$	15,704,380
	Amortization of debt discount and Expense less premium			1,087,564		1,042,217		873,863		861,673		888,662
	Interest on short-term debt			2,229,216		1,247,690		1,673,077		659,741		1,143,254
	Interest on notes payable			7,899,736		7,899,171		929,150		1,500
	Interest on trust preferred distributions by sub. holding solely parent debentures			3,541,667		0		0		0		0
	Other interest			896,567		437,621		363,632		345,590		336,642
	Rental expense representative of an Interest factor (Note B)			20,890		39,485		150,417		157,579		164,715

		Total fixed charges	$	33,072,650	$	28,080,697	$	22,519,010	$	19,038,243	$	18,237,653

	Ratio of income before provision for Income taxes to net income			1.150		1.487		1.722		1.561		1.540

Ratio of earnings to fixed charges				1.36		2.25		2.70		3.32		3.01

NOTE A:		For the purpose of determining earnings in the calculation of the ratio, net income has been increased by the provision for income taxes, non-operating income taxes and by the sum of fixed charges as shown above.
NOTE B:		One-third of rental expense (which approximates the interest factor).