EXHIBIT (12)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Twelve
	Months Ended
	March 31, 2006
Income before provision for income taxes and fixed charges (Note A)	$	68,276,482
Fixed charges:
Interest on first mortgage bonds and secured debt	$	7,846,531
Amortization of debt discount and expense less premium	1,969,064
Interest on short-term debt	570,858
Interest on unsecured long-term debt	14,059,458
Interest on note payable to securitization trust	4,250,000
Other interest	750,559
Rental expense representative of an interest factor (Note B)	51,480
Total fixed charges	29,497,950
Ratio of earnings to fixed charges	2.31x

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, minority interest and by the sum of fixed charges as shown above.

NOTE B:One-third of rental expense (which approximates the interest factor).