<TABLE>
<CAPTION>
COMPUTATION OF RATIO OF EXHIBIT 12
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30
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2000 1999 1998 1997 1996
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EARNINGS:
<S> <C> <C> <C> <C> <C>
Income Before Interest Charges and Minority Interest
in Foreign Subsidiaries (2) $226,696 $202,512 $118,085 $169,783 $159,599
Allowance for Borrowed Funds Used in Construction 424 303 110 346 205
Federal Income Tax 22,143 44,583 43,626 57,807 55,148
State Income Tax 13,067 6,215 6,635 7,067 7,266
Deferred Inc. Taxes - Net (3) 41,858 14,030 (26,237) 3,800 3,907
Investment Tax Credit - Net (1,051) (729) (663) (665) (665)
Rentals (1) 4,561 4,281 4,672 5,328 5,640
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$307,698 $271,195 146,228 243,466 $231,100
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $67,195 $65,402 $53,154 $42,131 $40,872
Interest on Commercial Paper and
Short-Term Notes Payable 23,840 17,319 13,605 8,808 7,872
Other Interest (2) 7,495 2,835 16,919 4,502 6,389
Rentals (1) 4,561 4,281 4,672 5,328 5,640
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$103,091 $89,837 $88,350 $60,769 $60,773
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RATIO OF EARNINGS TO FIXED CHARGES 2.98 3.02 1.66 4.01 3.80
</TABLE>
Notes:
(1) Rentals shown above represent the portion of all rentals (other than
delay rentals) deemed representative of the interest factor.
(2) The fiscal year ended September 30, 2000 and fiscal 1999, 1998, 1997 and
1996 reflect the reclassification of $1,979, $1,927, $1,839, $1,716 and
$1716, respectively, representing the loss on reacquired debt amortized
during each period, from Other Interest Charges to Operation Expense.
(3) Deferred Income Taxes - Net for fiscal 1998 excludes the cumulative
effect of change in accounting.
