EX-12 5 ex12_1.txt RATIO OF EARNINGS Exhibit 12.1 Computation of ratio of earnings to fixed charges for the the five years ended December 31, 2001 and the twelve months ended June 2001
Twelve Months Ended Year ended December 31, June ------------------------------------------------------------------------- 1996 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- ---- -----------------------Thousands of Dollars--------------------------------------- Income Before Interest and Income Taxes $ 131,856 $ 124,428 $ 120,946 $ 119,576 $ 116,893 $ 126,510 AFUDC - Debt funds 58 5 0 0 440 974 Earnings as defined $ 131,914 $ 124,433 $ 120,946 $ 119,576 $ 117,333 $ 127,484 ========== ========== ========= ========= ========== ========= FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K: Interest on long-term debt $ 24,691 $ 21,699 $ 19,718 $ 21,375 $ 22,622 $ 22,286 Interest on interim obligations 2,071 891 1,190 2,371 2,804 1,728 Amort of debt disc, premium and expense, net 2,087 2,281 2,100 1,989 2,047 1,997 Other interest charges 1,882 4,885 8,582 7,326 7,253 7,381 Fixed charges as defined $ 30,731 $ 29,756 $ 31,590 $ 33,061 $ 34,726 $ 33,392 ========== ========= ========= ========== ========= RATIO OF EARNINGS TO FIXED CHARGES 4.29 4.18 3.83 3.62 3.38 3.82 ===== ===== ===== ===== ===== ====