EX-12 2 0002.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EXHIBIT 12 EARNINGS TO FIXED CHARGES UNAUDITED Fiscal Year Ended September 30 ----------------------------------------------------------------- 2000 1999 1998 1997 1996 ----------------------------------------------------------------- EARNINGS: Income Before Interest Charges and Minority Interest in Foreign Subsidiaries (2) $226,696 $202,512 $118,085 $169,783 $159,599 Allowance for Borrowed Funds Used in Construction 424 303 110 346 205 Federal Income Tax 22,143 44,583 43,626 57,807 55,148 State Income Tax 13,067 6,215 6,635 7,067 7,266 Deferred Inc. Taxes - Net (3) 41,858 14,030 (26,237) 3,800 3,907 Investment Tax Credit - Net (1,051) (729) (663) (665) (665) Rentals (1) 4,561 4,281 4,672 5,328 5,640 ----------------------------------------------------------------- $307,698 $271,195 146,228 243,466 $231,100 ================================================================= FIXED CHARGES: Interest & Amortization of Premium and Discount of Funded Debt $67,195 $65,402 $53,154 $42,131 $40,872 Interest on Commercial Paper and Short-Term Notes Payable 23,840 17,319 13,605 8,808 7,872 Other Interest (2) 7,495 2,835 16,919 4,502 6,389 Rentals (1) 4,561 4,281 4,672 5,328 5,640 ----------------------------------------------------------------- $103,091 $89,837 $88,350 $60,769 $60,773 ================================================================= RATIO OF EARNINGS TO FIXED CHARGES 2.98 3.02 1.66 4.01 3.80
Notes: (1) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. (2) The fiscal year ended September 30, 2000 and fiscal 1999, 1998, 1997 and 1996 reflect the reclassification of $1,979, $1,927, $1,839, $1,716 and $1716, respectively, 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.