EX-12 3 l22614aexv12.htm EXHIBIT 12 exv12
 

EXHIBIT 12
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
                                         
    Fiscal Year Ended September 30,
    2006   2005   2004   2003   2002
     
EARNINGS:
                                       
 
                                       
Income from Continuing Operations
  $ 138,091     $ 153,515     $ 154,265     $ 181,067     $ 113,502  
Plus Income Tax Expense
    76,086       92,978       94,590       124,150       69,944  
Less Investment Tax Credit (1)
    (697 )     (697 )     (697 )     (693 )     (702 )
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)
    (3,583 )     796       (805 )     (535 )     14,943  
Plus Distributions from Unconsolidated Subsidiaries
    4,651       1,990       785       1,238       585  
Plus Interest Expense on Long-Term Debt
    72,629       73,244       82,989       91,381       88,646  
Plus Other Interest Expense
    5,952       9,069       6,763       11,196       15,109  
Less Amortization of Loss on Reacquired Debt
    (1,118 )     (1,066 )     (1,350 )     (2,078 )     (1,927 )
Plus (Less) Allowance for Borrowed Funds Used in Construction
    296       201       298       (102 )     446  
Plus Rentals (2)
    2,810       3,554       4,286       4,573       4,906  
     
 
                                       
 
  $ 295,117     $ 333,584     $ 341,124     $ 410,197     $ 305,452  
     
 
                                       
FIXED CHARGES:
                                       
 
                                       
Interest & Amortization of Premium and Discount of Funded Debt
  $ 72,629     $ 73,244     $ 82,989     $ 91,381     $ 88,646  
Plus Other Interest Expense
    5,952       9,069       6,763       11,196       15,109  
Less Amortization of Loss on Reacquired Debt
    (1,118 )     (1,066 )     (1,350 )     (2,078 )     (1,927 )
Plus (Less) Allowance for Borrowed Funds Used in Construction
    296       201       298       (102 )     446  
Plus Rentals (2)
    2,810       3,554       4,286       4,573       4,906  
     
 
                                       
 
  $ 80,569     $ 85,002     $ 92,986     $ 104,970     $ 107,180  
     
 
                                       
RATIO OF EARNINGS TO FIXED CHARGES
    3.66       3.92       3.67       3.91       2.85  
 
(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 and 2005 include the Impairment of Investment in Partnership of $15,167 and $4,158, respectively.