EX-12 18 a2073034zex-12.txt EXHIBIT 12 EXHIBIT 12 LOUISVILLE GAS AND ELECTRIC COMPANY AND SUBSIDIARY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of $)
2001 2000 1999 1998 1997 --------- --------- --------- --------- --------- Earnings: Net Income .............................. $ 106,781 $ 110,573 $ 106,270 $ 78,120 $ 113,273 Add: Federal income taxes - current .......... 41,127 30,425 54,198 39,618 59,074 State income taxes - current ............ 8,185 4,450 13,650 10,164 14,754 Deferred Federal income taxes - net ..... 12,595 24,233 (4,564) 2,167 (4,171) Deferred State income taxes - net ....... 3,840 6,787 (715) 636 778 Investment tax credit - net ............. (4,290) (4,274) (4,289) (4,312) (4,342) Fixed charges ........................... 38,234 44,707 39,323 37,571 40,928 --------- --------- -------- -------- --------- Earnings .............................. 206,472 216,901 203,873 163,964 220,294 --------- --------- -------- -------- --------- Fixed Charges: Interest Charges per statements of income 37,922 43,218 37,962 36,322 39,190 Add: One-third of rentals charged to operating expense (1) ............... 312 1,489 1,361 1,249 1,738 --------- --------- -------- -------- --------- Fixed charges .................... $ 38,234 $ 44,707 $ 39,323 $ 37,571 $ 40,928 --------- --------- -------- -------- --------- Ratio of Earnings to Fixed Charges ......... 5.40 4.85 5.18 4.36 5.38 ========= ========= ========= ========= =========
NOTE: (1) In the Company's opinion, one-third of rentals represents a reasonable approximation of the interest factor. EXHIBIT 12 KENTUCKY UTILITIES COMPANY AND SUBSIDIARY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of $)
2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Earnings: Net Income before cumulative effect of a change in accounting principle per statements of income ... $ 96,278 $ 95,524 $ 106,558 $ 72,764 $ 85,713 Add: Federal income taxes - current ................... 57,389 45,276 51,997 45,704 38,500 State income taxes - current ..................... 13,197 9,400 13,513 10,008 8,718 Deferred Federal income taxes - net .............. (12,117) (3,376) (4,651) (2,492) 2,971 Deferred State income taxes - net ................ (1,118) 927 887 54 1,635 Deferred investment tax credit-net ............... -- -- -- -- -- Investment tax credit - net ...................... (3,446) (3,674) (3,727) (3,829) (4,036) Undistributed income of Electric Energy, Inc. ......................... 258 70 33 1 (37) Fixed charges .................................... 34,202 40,254 39,486 39,318 40,324 --------- --------- --------- --------- --------- Earnings ....................................... 184,643 184,401 204,096 161,528 173,788 --------- --------- --------- --------- --------- Fixed Charges: Interest Charges ................................. 34,043 39,484 38,904 38,660 39,729 Add: One-third of rentals charged to operating expense (1) ........................ 159 770 582 658 595 --------- --------- --------- --------- --------- Fixed charges .............................. $ 34,202 $ 40,254 $ 39,486 $ 39,318 $ 40,324 --------- --------- --------- --------- --------- Ratio of Earnings to Fixed Charges .................. 5.40 4.58 5.17 4.11 4.31 ========= ========= ========= ========= =========
NOTE: (1) In the Company's opinion, one-third of rentals represents a reasonable approximation of the interest factor.