EX-12.2 4 wgl-9302015ex122.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)
 
2015
 
2014
 
2013
 
2012
 
2011
EARNINGS:
 
 
 
 
 
 
 
 
 
 
Pre-Tax Net Income(a)
 
$
180,069

 
$
145,858

 
$
116,519

 
$
181,793

 
$
125,376

Add:
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
43,202

 
38,415

 
37,081

 
37,886

 
42,141

Total Earnings
 
$
223,271

 
$
184,273

 
$
153,600

 
$
219,679

 
$
167,517

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest on long term debt
 
$
41,102

 
$
36,233

 
$
34,512

 
$
36,275

 
$
39,097

Other Interest (excluding AFUDC)
 
295

 
458

 
525

 
(101
)
 
1,363

Amortization of Debt Premium, Discount and Expense
 
412

 
345

 
337

 
352

 
414

One-third of Rental Expense(b)
 
1,393

 
1,379

 
1,707

 
1,360

 
1,267

Total Fixed Charges
 
$
43,202

 
$
38,415

 
$
37,081

 
$
37,886

 
$
42,141

Ratio of Earnings to Fixed Charges
 
5.2

 
4.8

 
4.1

 
5.8

 
4.0

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
 
0.3965

 
0.3258

 
0.3793

 
0.3947

 
0.4449

Complement of Effective Income Tax Rate (1-Tax Rate)
 
0.6035

 
0.6742

 
0.6207

 
0.6053

 
0.5551

Preferred Dividend Requirement
 
$
2,187

 
$
1,958

 
$
2,127

 
$
2,181

 
$
2,378

Combined Fixed Charges and Preferred Dividends
 
$
45,389

 
$
40,373

 
$
39,208

 
$
40,067

 
$
44,519

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
 
4.9

 
4.6

 
3.9

 
5.5

 
3.8

(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.