EXHIBIT (12)

Computation of Ratios of Earnings to Fixed Charges

	Year ended December 31,
	2004		2003		2002		2001		2000
Income before provision for income taxes and fixed charges (Note A)	$	62,144,879	$	76,746,596	$	70,138,328	$	43,475,564	$	63,197,851
Fixed charges:
Interest on first mortgage bonds and secured debt	$	10,369,657	$	13,945,190	$	15,974,479	$	17,397,010	$	17,414,513
Amortization of debt discount and expense less premium		1,934,420		1,592,626		989,198		1,087,564		1,042,217
Interest on short-term debt		19,854		606,312		713,189		2,229,216		1,247,690
Interest on unsecured long-term debt		12,336,735		10,506,872		7,994,285		7,899,736		7,899,171
Interest on note payable to securitization trust		4,250,000		—		—		—		—
Trust preferred distributions by subsidiary holding solely parent debentures		—		4,250,000		4,250,000		3,541,667		—
Other interest		366,642		511,315		1,220,764		896,567		437,621
Rental expense representative of an interest factor (Note B)		28,144		28,340		19,832		20,890		39,485
Total fixed charges	$	29,305,452	$	31,440,655	$	31,161,747	$	33,072,650	$	28,080,697
Ratio of earnings to fixed charges		2.12		2.44		2.25		1.31		2.25

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).

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