EX-12.01 4 a2206473zex-12_01.htm EX-12.01

Exhibit 12.01

 

GOLDEN STATE WATER COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands)

 

 

 

For the year ended December 31,

 

 

 

2006

 

2007

 

2008

 

2009

 

2010

 

 

For the nine
months ended
September 30,
2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

39,394

 

$

46,979

 

$

45,094

 

$

43,182

 

$

44,193

 

 

$

51,582

 

Add: Fixed charges

 

20,007

 

20,967

 

20,633

 

22,347

 

22,094

 

 

19,043

 

Earnings available for fixed charges

 

$

59,401

 

$

67,946

 

$

65,727

 

$

65,529

 

$

66,287

 

 

$

70,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

$

19,186

 

$

20,063

 

$

19,651

 

$

21,398

 

$

21,215

 

 

$

18,436

 

Interest component of rentals (2)

 

821

 

904

 

982

 

949

 

879

 

 

607

 

Total fixed charges

 

$

20,007

 

$

20,967

 

$

20,633

 

$

22,347

 

$

22,094

 

 

$

19,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.97

 

3.24

 

3.19

 

2.93

 

3.00

 

 

3.71

 

 

(1) Includes amortization of debt issuance costs.

(2) Reflects one-third of rental expense under operating leases considered to represent an approximate interest factor.