EX-12 3 dex12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT (12) COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Twelve Months Ended June 30, 2001 ------------- Income before provision for income taxes and fixed charges (Note A) $58,231,450 Fixed charges: Interest on first mortgage bonds $17,405,640 Amortization of debt discount and expense less premium 1,062,571 Interest on short-term debt 2,621,486 Interest on other long-term debt 8,043,981 Interest on trust preferred distributions by subsidiary holding solely parent debentures 1,416,667 Other interest 418,734 Rental expense representative of an interest factor (Note B) 20,335 ----------- Total fixed charges 30,989,414 Ratio of income before provision for incomes taxes to net income 1.322x ----------- Ratio of earnings to fixed charges 1.88x
NOTE A: For the purpose of determining earnings in the calculation of the ratio, net income has been increased by the provision for income taxes, non-operating income taxes and by the sum of fixed charges as shown above. NOTE B: One-third of rental expense (which approximates the interest factor).