EXHIBIT 12
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30
For the Twelve ----------------------------------------------------------------------------------------------
Months Ended
December 31, 2005 2005 2004 2003 2002 2001
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EARNINGS:
Income from Continuing Operations $166,104 $153,515 $154,265 $181,067 $113,502 $ 60,663
Plus Income Tax Expense 101,102 92,978 94,590 124,150 69,944 33,433
Less Investment Tax Credit (1) (697) (697) (697) (693) (702) (353)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) 316 796 (805) (535) 14,943 (1,794)
Plus Distributions from Unconsolidated Subsidiaries 3,642 1,990 785 1,238 585 595
Plus Interest Expense on Long-Term Debt 73,086 73,244 82,989 91,381 88,646 78,297
Plus Other Interest Expense 8,426 9,069 6,763 11,196 15,109 25,294
Less Amortization of Loss on Reacquired Debt (1,092) (1,066) (1,350) (2,078) (1,927) (1,927)
Plus (Less) Allowance for Borrowed Funds Used in Construction 267 201 298 (102) 446 438
Plus Rentals (2) 3,314 3,554 4,286 4,573 4,906 4,893
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$354,468 $333,584 $341,124 $410,197 $305,452 $199,539
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $73,086 $73,244 $ 82,989 $ 91,381 $ 88,646 $ 78,297
Plus Other Interest Expense 8,426 9,069 6,763 11,196 15,109 25,294
Less Amortization of Loss on Reacquired Debt (1,092) (1,066) (1,350) (2,078) (1,927) (1,927)
Plus (Less) Allowance for Borrowed Funds Used in
Construction 267 201 298 (102) 446 438
Plus Rentals (2) 3,314 3,554 4,286 4,573 4,906 4,893
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$84,001 $85,002 $ 92,986 $104,970 $107,180 $106,995
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RATIO OF EARNINGS TO FIXED CHARGES 4.22 3.92 3.67 3.91 2.85 1.86
(1) Investment Tax Credit is included in Other Income.
(2) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(3) Fiscal 2002 and 2005 include the Impairment of Investment in Partnership of $15,167 and $4,158, respectively. Fiscal 2006 includes Amortization of the $4,158 Impairment.