EX-12 3 a04-3377_1ex12.htm EX-12

EXHIBIT (12)

 

Computation of Ratios of Earnings to Fixed Charges

 

 

 

Year ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

Income before provision for income taxes
And fixed charges (Note A)

 

$

76,746,596

 

$

70,138,328

 

$

43,475,564

 

$

63,197,851

 

$

59,759,998

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on first mortgage bonds

 

$

13,945,190

 

$

15,974,479

 

$

17,397,010

 

$

17,414,513

 

$

17,599,720

 

Amortization of debt discount and
Expense less premium

 

1,592,626

 

989,198

 

1,087,564

 

1,042,217

 

873,863

 

Interest on short-term debt

 

606,312

 

713,189

 

2,229,216

 

1,247,690

 

1,673,077

 

Interest on notes payable

 

10,506,872

 

7,994,285

 

7,899,736

 

7,899,171

 

929,150

 

Interest on trust preferred distributions by sub. holding solely parent debentures

 

4,250,000

 

4,250,000

 

3,541,667

 

0

 

0

 

Other interest

 

511,315

 

1,220,764

 

896,567

 

437,621

 

363,632

 

Rental expense representative of an
Interest factor (Note B)

 

28,340

 

19,832

 

20,890

 

39,485

 

150,417

 

Total fixed charges

 

$

31,440,655

 

$

31,161,747

 

$

33,072,650

 

$

28,080,697

 

$

21,589,859

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income before provision for
Income taxes to net income

 

1.538

 

1.527

 

1.000

 

1.487

 

1.722

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.44

 

2.25

 

1.31

 

2.25

 

2.77

 

 

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).