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EXHIBIT NO. 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED DIVIDENDS COMBINED AND RATIO OF EARNINGS TO FIXED CHARGES
I. Twelve Months Ended
March 31, December 31,
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2000 1999 1999 1998 1997 1996 1995
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(Thousands of Dollars)
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS, AS DEFINED:
Net income ............................ $ 376,046 $ 404,879 $ 382,255 $ 399,238 $ 388,317 $ 391,277 $ 372,604
Fixed charges, as below ............... 212,446 191,819 202,491 191,832 193,632 204,593 226,833
Income taxes, as below ................ 247,311 247,911 250,272 249,180 225,491 247,691 232,343
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Total earnings, as defined .......... $ 835,803 $ 844,609 $ 835,018 $ 840,250 $ 807,440 $ 843,561 $ 831,780
========= ========= ========= ========= ========= ========= =========
FIXED CHARGES, AS DEFINED:
Interest on long-term debt ............ $ 188,347 $ 169,480 $ 180,676 $ 169,901 $ 163,468 $ 172,622 $ 187,397
Other interest ........................ 12,538 11,307 10,298 11,156 18,743 19,155 25,896
Imputed interest factor in
rentals-charged principally to
operating expenses .............. 11,561 11,032 11,517 10,775 11,421 12,816 13,540
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Total fixed charges, as defined ..... $ 212,446 $ 191,819 $ 202,491 $ 191,832 $ 193,632 $ 204,593 $ 226,833
========= ========= ========= ========= ========= ========= =========
Earnings Before Income Taxes ............ $ 631,506 $ 662,449 $ 632,527 $ 648,418 $ 613,808 $ 638,968 $ 604,947
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Ratio of Earnings Before Income Taxes to
Net Income ........................... 1.68 1.64 1.66 1.62 1.58 1.63 1.62
INCOME TAXES:
Income tax expense .................. $ 255,460 $ 257,570 $ 258,421 $ 257,494 $ 233,716 $ 255,916 $ 240,683
Included in AFUDC - deferred taxes in
book depreciation ................ (8,149) (9,659) (8,149) (8,314) (8,225) (8,225) (8,340)
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Total income taxes .................. $ 247,311 $ 247,911 $ 250,272 $ 249,180 $ 225,491 $ 247,691 $ 232,343
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FIXED CHARGES AND PREFERRED DIVIDENDS
COMBINED:
Preferred dividend requirements ....... $ 2,967 $ 2,967 $ 2,967 $ 2,967 $ 6,052 $ 9,609 $ 9,609
Portion deductible for income tax
purposes ............................ (312) (312) (312) (312) (312) (312) (312)
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Preferred dividend requirements
not deductible ...................... $ 2,655 $ 2,655 $ 2,655 $ 2,655 $ 5,740 $ 9,297 $ 9,297
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PREFERRED DIVIDEND FACTOR:
Preferred dividends not deductible
times ratio of earnings before
income taxes to net income ....... $ 4,460 $ 4,354 $ 4,407 $ 4,301 $ 9,069 $ 15,154 $ 15,061
Preferred dividends deductible for
income taxes .................... 312 312 312 312 312 312 312
Fixed charges, as above ............. 212,446 191,819 202,491 191,832 193,632 204,593 226,833
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Total fixed charges and preferred
dividends combined .............. $ 217,218 $ 196,485 $ 207,210 $ 196,445 $ 203,013 $ 220,059 $ 242,206
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Ratio of Earnings to Fixed Charges and
Preferred Dividends Combined ......... 3.85 4.30 4.03 4.28 3.98 3.83 3.43
Ratio of Earnings to Fixed Charges ...... 3.93 4.40 4.12 4.38 4.17 4.12 3.67
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