EX-12 6 l10155aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS Exhibit 12
 

EXHIBIT 12

                                                 
            COMPUTATION OF RATIO OF
            EARNINGS TO FIXED CHARGES
            UNAUDITED
            Fiscal Year Ended September 30
    For the Twelve                    
    Months Ended                    
    September 30, 2004
  2003
  2002
  2001
  2000
  1999
EARNINGS:
                                               
Income Before Cumulative Effect of Changes in Accounting
  $ 166,586     $ 187,836     $ 117,682     $ 65,499     $ 127,207     $ 115,037  
Plus Minority Interest in Foreign Subsidiaries
    1,933       785       730       1,342       1,384       1,616  
Plus Income Tax Expense
    92,737       128,161       72,034       37,106       77,068       64,829  
Less Investment Tax Credit (1)
    (697 )     (693 )     (702 )     (353 )     (1,051 )     (729 )
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)
    (805 )     (535 )     14,943       (1,794 )     (1,669 )     (999 )
Plus Distributions from Unconsolidated Subsidiaries
    785       1,238       585       595       229        
Plus Interest Expense on Long-Term Debt
    83,826       92,766       90,543       81,851       67,195       65,402  
Plus Other Interest Expense
    6,763       12,290       15,109       25,294       32,890       22,296  
Less Amortization of Loss on Reacquired Debt
    (1,350 )     (2,078 )     (1,927 )     (1,927 )     (1,979 )     (1,839 )
Plus (Less) Allowance for Borrowed Funds Used in Construction
    298       (102 )     446       438       424       303  
Plus Rentals (2)
    4,286       4,573       4,906       4,893       4,561       4,281  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
 
  $ 354,362     $ 424,241     $ 314,349     $ 212,944     $ 306,259     $ 270,197  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
FIXED CHARGES:
                                               
Interest & Amortization of Premium and Discount of Funded Debt
  $ 83,826     $ 92,766     $ 90,543     $ 81,851     $ 67,195     $ 65,402  
Plus Other Interest Expense
    6,763       12,290       15,109       25,294       32,890       22,296  
Less Amortization of Loss on Reacquired Debt
    (1,350 )     (2,078 )     (1,927 )     (1,927 )     (1,979 )     (1,839 )
Plus (Less) Allowance for Borrowed Funds Used in Construction
    298       (102 )     446       438       424       303  
Plus Rentals (2)
    4,286       4,573       4,906       4,893       4,561       4,281  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
 
  $ 93,823     $ 107,449     $ 109,077     $ 110,549     $ 103,091     $ 90,443  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
RATIO OF EARNINGS TO FIXED CHARGES
    3.78       3.95       2.88       1.93       2.97       2.99  


(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 includes the Impairment of Investment in Partnership of $15,167.