EXHIBIT 12
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<CAPTION>
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
For the Twelve Fiscal Year Ended September 30
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Months Ended
June 30, 2000 1999 1998 1997 1996 1995
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EARNINGS:
Income Before Interest Charges and Minority Interest
in Foreign Subsidiaries (2) $221,885 $202,512 $118,085 $169,783 $159,599 $128,061
Allowance for Borrowed Funds Used in Construction 485 303 110 346 205 195
Federal Income Tax 51,970 44,583 43,626 57,807 55,148 30,522
State Income Tax 13,894 6,215 6,635 7,067 7,266 4,905
Deferred Inc. Taxes - Net (3) 12,512 14,030 (26,237) 3,800 3,907 8,452
Investment Tax Credit - Net (1,019) (729) (663) (665) (665) (672)
Rentals (1) 4,184 4,281 4,672 5,328 5,640 5,422
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$303,911 $271,195 $146,228 $243,466 $231,100 $176,885
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FIXED CHARGES:
Interest & Amortization of Premium and
Discount of Funded Debt $66,218 $65,402 $53,154 $42,131 $40,872 $40,896
Interest on Commercial Paper and
Short-Term Notes Payable 19,436 17,319 13,605 8,808 7,872 6,745
Other Interest (2) 5,963 2,835 16,919 4,502 6,389 4,721
Rentals (1) 4,184 4,281 4,672 5,328 5,640 5,422
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$95,801 $89,837 $88,350 $60,769 $60,773 $57,784
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RATIO OF EARNINGS TO FIXED CHARGES 3.17 3.02 1.66 4.01 3.80 3.06
</TABLE>
Notes:
(1) Rentals shown above represent the portion of all rentals (other than
delay rentals) deemed representative of the interest factor.
(2) The twelve months ended June 30, 2000 and fiscal 1999, 1998, 1997, 1996
and 1995 reflect the reclassification of $1,927, $1,839, $1,716, $1,716,
$1716 and $1,716 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.
