EX-12 6 exhibit-12_1.htm

Exhibit 12.1
to Registration Statement

Ratio of earnings to fixed charges

 

 

 

Six
 months
ended
June 30,
 2002

 

Six
months
ended
June 30,
2002
excluding
non-
recurring
items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-
recurring
items

 

 

Non-
recurring
items

2001
excluding
non-
recurring
items

 

 

Non-
recurring
items

2000
excluding
non-
recurring
items

 

 

Non-
recurring
items

1999
excluding
non-
recurring
items

 

 

Non-
recurring
items

1998
excluding
non-
recurring
items

 

 

Non-
recurring
items

1997
excluding
non-
recurring
items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2001

 

2000

 

1999

 

1998

 

1997

 

 

 


Net income

 

149,530

9,289

158,819

343,031

(117,370)

225,661

231,474

(2,646)

228,828

239,769

(1,452)

238,317

228,757

(30,528)

198,229

255,978

(106,416)

149,562

Income taxes

 

81,880

5,002

86,882

210,025

(66,698)

143,327

154,711

(4,166)

150,545

189,503

(36,821)

152,682

158,701

(19,331)

139,370

152,363

(63,224)

89,139

 






 

Net income before income taxes

 

231,410

14,291

245,701

 

553,056

(184,068)

368,988

 

386,185

(6,812)

379,373

 

429,272

(38,273)

390,999

 

387,458

(49,859)

337,599

 

408,341

(169,640)

238,701

Adjustments to earnings:

 

Fixed charges

 

105,951

105,951

229,649

229,649

187,766

187,766

153,222

153,222

168,870

168,870

58,005

58,005

Capitalized interest

 

(840)

(840)

(3,472)

(3,472)

(3,800)

(3,800)

(1,990)

(1,990)

(626)

(626)

(797)

(797)

Preferred stock dividend requirement before tax

 

(306)

(306)

(654)

(654)

(664)

(664)

(675)

(675)

(692)

(692)

(734)

(734)

Gross earnings from unconsolidated

 

    cellular partnerships

 

(24,196)

(24,196)

(42,553)

(7,890)

(50,443)

(26,986)

(5,330)

(32,316)

(29,956)

(6,860)

(36,816)

(32,869)

-

(32,869)

(27,852)

-

(27,852)

Distributed earnings from unconsolidated

 

    cellular partnerships

 

12,676

12,676

30,856

30,856

35,842

35,842

22,219

22,219

26,515

26,515

16,825

16,825

Gross losses from unconsolidated

 

    cellular partnerships

 

0

15,093

15,093

-

-

2,281

2,281

-

-

58

58

Minority losses from majority-owned

 

    subsidiaries

 

(61)

(61)

(127)

(127)

(1,702)

(1,702)

(10)

(10)

(37)

(37)

(1,437)

(1,437)

 












Earnings as adjusted

 

324,634

338,925

781,848

589,890

576,641

564,499

574,363

529,230

548,619

498,760

452,409

282,769

 












 

Fixed charges

 

Interest expense

 

104,805

104,805

225,523

225,523

183,302

183,302

150,557

150,557

167,552

167,552

56,474

56,474

Allowance for funds used during construction

 

840

840

3,472

3,472

3,800

3,800

1,990

1,990

626

626

797

797

Preferred stock dividend requirement before tax

 

306

306

654

654

664

664

675

675

692

692

734

734

 












Total fixed charges

 

105,951

105,951

229,649

229,649

187,766

187,766

153,222

153,222

168,870

168,870

58,005

58,005

 












Ratio of earnings to fixed charges and preferred

 

stock dividends

 

3.06

3.20

3.40

2.57

3.07

3.01

3.75

3.45

3.25

2.95

7.80

4.87

 



Ratio of earnings from continuing operations to fixed charges and preferred stock dividends

Six months
ended
June 30, 2002
excluding
non-
recurring
items

         

Six months
ended
June 30,
2002

Non-
recurring
items

2001
excluding
non-
recurring
items

2000
excluding
non-
recurring
items

1999
excluding
non-
recurring
items

1998
excluding
non-
recurring
items

1997
excluding
non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

Non-
recurring
items

2001

2000

1999

1998

1997



 

Income from continuing operations

83,065

9,289

92,354

144,146

(16,377)

127,769

124,229

5,494

129,723

135,520

(5,571)

129,949

116,272

(18,255)

98,017

181,080

(106,416)

74,664

 

Income taxes from continuing operations

44,636

5,002

49,638

88,711

(8,666)

80,045

83,542

2,957

86,499

88,560

(2,964)

85,596

83,731

(9,830)

73,901

104,968

(63,224)

41,744

 

Net income from continuing operations





         before income taxes

127,701

14,291

141,992

232,857

(25,043)

207,814

207,771

8,451

216,222

224,080

(8,535)

215,545

200,003

(28,085)

171,918

286,048

(169,640)

116,408

 

Adjustments to earnings (from continuing operations):

        Fixed charges

105,951

105,951

229,649

229,649

187,766

187,766

153,222

153,222

168,870

168,870

58,005

58,005

        Capitalized interest

(840)

(840)

(3,472)

(3,472)

(3,800)

(3,800)

(1,990)

(1,990)

(626)

(626)

(797)

(797)

        Preferred stock dividend requirement before tax

(306)

(306)

(654)

(654)

(664)

(664)

(675)

(675)

(692)

(692)

(734)

(734)

        Minority losses from majority-owned

             subsidiaries

-

-

(35)

(35)

(1,614)

(1,614)

-

-

-

-

-

-













 

Earnings from continuing operations as adjusted

232,506

246,797

458,345

433,302

389,459

397,910

374,637

366,102

367,555

339,470

342,522

172,882













 

Fixed charges from continuing operations:

        Interest expense

104,805

104,805

225,523

225,523

183,302

183,302

150,557

150,557

167,552

167,552

56,474

56,474

        Allowance for funds used during construction

840

840

3,472

3,472

3,800

3,800

1,990

1,990

626

626

797

797

        Preferred stock dividend requirement before tax

306

306

654

654

664

664

675

675

692

692

734

734













            Total fixed charges

105,951

105,951

229,649

229,649

187,766

187,766

153,222

153,222

168,870

168,870

58,005

58,005













 

Ratio of earnings from continuing operations to fixed

        charges and preferred stock dividends

2.19

2.33

2.00

1.89

2.07

2.12

2.45

2.39

2.18

2.01

5.91

2.98