EX-12.2 4 wgl-9302017ex122.htm EXHIBIT 12.2 Exhibit


Exhibit 12.2
WASHINGTON GAS LIGHT COMPANY
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
 
 
 
Twelve Months Ended September 30,
($ in thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
EARNINGS:
 
 
 
 
 
 
 
 
 
 
Pre-Tax Net Income(a)
 
$
211,632

 
$
184,780

 
$
180,069

 
$
145,858

 
$
116,519

Add:
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
53,990

 
42,916

 
43,202

 
38,415

 
37,081

Total Earnings
 
$
265,622

 
$
227,696

 
$
223,271

 
$
184,273

 
$
153,600

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
51,450

 
$
40,129

 
$
41,102

 
$
36,233

 
$
34,512

Other Interest (excluding AFUDC)
 
391

 
674

 
295

 
458

 
525

Amortization of Debt Premium, Discount and Expense
 
395

 
303

 
412

 
345

 
337

One-third of Rental Expense(b)
 
1,754

 
1,810

 
1,393

 
1,379

 
1,707

Total Fixed Charges
 
$
53,990

 
$
42,916

 
$
43,202

 
$
38,415

 
$
37,081

Ratio of Earnings to Fixed Charges
 
4.9

 
5.3

 
5.2

 
4.8

 
4.1

FIXED CHARGES AND PRE-TAX PREFERRED STOCK DIVIDENDS:
 
 
 
 
 
 
 
 
 
 
Pre-Tax Preferred Dividend Requirement
 
$
1,320

 
$
1,320

 
$
1,320

 
$
1,320

 
$
1,320

Effective Income Tax Rate
 
0.3773

 
0.3879

 
0.3965

 
0.3258

 
0.3793

Complement of Effective Income Tax Rate (1-Tax Rate)
 
0.6227

 
0.6121

 
0.6035

 
0.6742

 
0.6207

Preferred Dividend Requirement
 
$
2,120

 
$
2,157

 
$
2,187

 
$
1,958

 
$
2,127

Combined Fixed Charges and Preferred Dividends
 
$
56,110

 
$
45,073

 
$
45,389

 
$
40,373

 
$
39,208

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
 
4.7

 
5.1

 
4.9

 
4.6

 
3.9

(a) Excludes amounts attributable to income or loss from equity investees.
(b) Management believes one-third of the total rental expense gives a reasonable estimate of total interest on rentals.