EX-12 4 ex-12.htm COMPUTATION OF RATIOS

Item 7     Exhibit 12     Statements Re: Computation of Ratios

The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed charges and preferred dividends for each of the years 2001 through 1997, on the basis of parent company operations only, are as follows:

For the Year Ended December 31,

2001

2000

1999

1998

1997

(Dollar Amounts in Millions)

Net income

$194.2

$348.9

$228.0

$211.2

$164.7

Taxes based on income

130.9

352.9

142.6

131.0

97.5

Income before taxes

325.1

701.8

370.6

342.2

262.2

Fixed charges:

   Interest charges

112.5

170.1

156.1

151.8

146.7

   Interest factor in rentals

23.4

23.2

23.4

23.8

23.6

Total fixed charges

135.9

193.3

179.5

175.6

170.3

Income before income taxes and fixed charges

$461.0

$895.1

$550.1

$517.8

$432.5

Coverage of fixed charges

3.39

4.63

3.06

2.95

2.54

Preferred dividend requirements, including
   redemption premium

$5.0

$5.5

$8.9

$18.0

$16.5

Ratio of pre-tax income to net income

1.67

2.01

1.63

1.62

1.59

Preferred dividend factor

$8.4

$11.1

$14.5

$29.2

$26.2

Total fixed charges and preferred dividends

$144.3

$204.4

$194.0

$204.8

$196.5

Coverage of combined fixed charges and
   preferred dividends

3.20

4.38

2.84

2.53

2.20

 

 

Item      Exhibit     Statements Re: Computation of Ratios

The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed charges and preferred dividends for each of the years 2001 through 1997, on a consolidated basis, are as follows:

For the Year Ended December 31,

2001

2000

1999

1998

1997

(Dollar Amounts in Millions)

Net income

$192.3  

$369.1  

$256.7  

$234.8  

$179.8  

Taxes based on income

83.5  

341.2  

114.5  

122.3  

65.6  

Income before taxes

275.8  

710.3  

371.2  

357.1  

245.4  

Fixed charges:

   Interest charges

166.4  

230.7  

208.7  

208.6  

216.1  

   Interest factor in rentals

23.8  

23.6  

23.8  

24.0  

23.7  

Total fixed charges

190.2  

254.3  

232.5  

232.6  

239.8  

Competitive operations capitalized interest

(2.7) 

(3.9) 

(1.8) 

(0.6) 

(0.5) 

Income before income taxes and fixed charges

$463.3  

$960.7  

$601.9  

$589.1  

$484.7  

Coverage of fixed charges

2.44  

3.78  

2.59  

2.53  

2.02  

Preferred dividend requirements, including
   redemption premium

$5.0  

$5.5  

$8.9  

$18.0  

$16.5  

Ratio of pre-tax income to net income

1.43  

1.92  

1.45  

1.52  

1.36  

Preferred dividend factor

$7.2  

$10.6  

$12.9  

$27.4  

$22.4  

Total fixed charges and preferred dividends

$197.4  

$264.9  

$245.4  

$260.0  

$262.2  

Coverage of combined fixed charges and
   preferred dividends

2.35  

3.63  

2.45  

2.27  

1.85