<PAGE>
Exhibit 12
WESTERN RESOURCES, INC.
Computations of Ratio of Earnings to Fixed Charges and
Computations of Ratio of Earnings to Combined Fixed Charges
and Preferred and Preference Dividend Requirements
(Dollars in Thousands)
<TABLE>
<CAPTION>
Unaudited
Six
Months
Ended
June 30, Year Ended December 31,
--------- ----------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------- -------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Earnings from
continuing operations(1) . . . $101,744 $(48,798) $ 58,088 $ 872,739 $255,052 $265,068
-------- -------- -------- ---------- -------- --------
Fixed Charges:
Interest expense . . . . . . . 142,338 294,104 226,120 193,225 152,551 123,821
Interest on Corporate-owned
Life Insurance Borrowings. . 20,513 36,908 38,236 36,167 35,151 32,325
Interest Applicable to
Rentals. . . . . . . . . . . 14,534 34,252 32,796 34,514 32,965 31,650
-------- -------- -------- ---------- -------- --------
Total Fixed Charges. . . . 177,385 365,264 297,152 263,906 220,667 187,796
-------- -------- -------- ---------- -------- --------
Distributed income of equity
investees . . . . . . . . . . . 1,343 3,728 3,812 - - -
Preferred and Preference Dividend
Requirements:
Preferred and Preference
Dividends. . . . . . . . . . 564 1,129 3,591 4,919 14,839 13,419
Income Tax Required. . . . . . 373 746 1,095 3,770 7,562 6,160
-------- -------- -------- ---------- -------- --------
Total Preferred and
Preference Dividend
Requirements . . . . . . 937 1,875 4,686 8,689 22,401 19,579
-------- -------- -------- ---------- -------- --------
Total Fixed Charges and Preferred
and Preference Dividend
Requirements. . . . . . . . . 178,322 367,139 301,838 272,595 243,068 207,375
-------- -------- -------- ---------- -------- --------
Earnings (2) . . . . . . . . . . $280,472 $320,194 $359,052 $1,136,645 $475,719 $452,864
======== ======== ======== ========== ======== ========
Ratio of Earnings to Fixed
Charges . . . . . . . . . . . . 1.58 0.88 1.21 4.31 2.16 2.41
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements. . . . . 1.57 0.87 1.19 4.17 1.96 2.18
</TABLE>
(1) Earnings from continuing operations consists of loss or earnings before
extraordinary gain and income taxes adjusted for minority interest and
undistributed earnings from equity investees.
(2) Earnings are deemed to consist of net income to which has been added income
taxes (including net deferred investment tax credit), fixed charges and
distributed income of equity investees. Fixed charges consist of all
interest on indebtedness, amortization of debt discount and expense, and
the portion of rental expense which represents an interest factor.
Preferred and preference dividend requirements consist of an amount equal
to the pre-tax earnings which would be required to meet dividend
requirements on preferred and preference stock.
