EX-12 5 0005.txt TWELVE MONTHS ENDED JUNE 30, 2000 EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNAUDITED For the Twelve Fiscal Year Ended September 30 -------------------------------------------------------- Months Ended June 30, 2000 1999 1998 1997 1996 1995 ----------------------------------------------------------------------------- EARNINGS: Income Before Interest Charges and Minority Interest in Foreign Subsidiaries (2) $227,283 $202,512 $118,085 $169,783 $159,599 $128,061 Allowance for Borrowed Funds Used in Construction 485 303 110 346 205 195 Federal Income Tax 51,970 44,583 43,626 57,807 55,148 30,522 State Income Tax 13,894 6,215 6,635 7,067 7,266 4,905 Deferred Inc. Taxes - Net (3) 15,670 14,030 (26,237) 3,800 3,907 8,452 Investment Tax Credit - Net (1,019) (729) (663) (665) (665) (672) Rentals (1) 4,184 4,281 4,672 5,328 5,640 5,422 ------------------------------------------------------------------------------ $312,467 $271,195 $146,228 $243,466 $231,100 $176,885 ============================================================================== FIXED CHARGES: Interest & Amortization of Premium and Discount of Funded Debt $66,218 $65,402 $53,154 $42,131 $40,872 $40,896 Interest on Commercial Paper and Short-Term Notes Payable 19,436 17,319 13,605 8,808 7,872 6,745 Other Interest (2) 5,963 2,835 16,919 4,502 6,389 4,721 Rentals (1) 4,184 4,281 4,672 5,328 5,640 5,422 ------------------------------------------------------------------------------ $95,801 $89,837 $88,350 $60,769 $60,773 $57,784 ============================================================================== RATIO OF EARNINGS TO FIXED CHARGES 3.26 3.02 1.66 4.01 3.80 3.06
Notes: (1) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. (2) The twelve months ended June 30, 2000 and fiscal 1999, 1998, 1997, 1996 and 1995 reflect the reclassification of $1,927, $1,839, $1,716, $1,716, $1716 and $1,716 representing the loss on reacquired debt amortized during each period, from Other Interest Charges to Operation Expense. (3) Deferred Income Taxes - Net for fiscal 1998 excludes the cumulative effect of change in accounting.