| Item 7 Exhibit 12 Statements Re. Computation of Ratios
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The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed charges
and preferred dividends for each of the years 1999 through 1995, on the basis of
parent company operations only, are as follows. |
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For the Year Ended December 31, |
| (Dollar Amounts in Millions) |
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1999 |
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1998 |
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1997 |
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1996 |
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1995 |
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| Net income |
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$228.0 |
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$211.2 |
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$164.7 |
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$220.1 |
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$218.8 |
| Taxes based on income |
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142.6 |
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131.0 |
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97.5 |
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135.0 |
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129.4 |
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| Income before taxes |
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370.6 |
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342.2 |
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262.2 |
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355.1 |
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348.2 |
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| Fixed charges: |
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| Interest charges |
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156.1 |
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151.8 |
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146.7 |
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146.9 |
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146.6 |
| Interest factor in rentals |
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23.5 |
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23.8 |
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23.6 |
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23.6 |
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23.4 |
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| Total fixed charges |
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179.6 |
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175.6 |
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170.3 |
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170.5 |
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170.0 |
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| Income before income taxes and fixed charges |
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$550.2 |
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$517.8 |
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$432.5 |
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$525.6 |
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$518.2 |
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| Coverage of fixed charges |
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3.06 |
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2.95 |
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2.54 |
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3.08 |
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3.05 |
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| Preferred dividend requirements |
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$8.9 |
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$18.0 |
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$16.5 |
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$16.6 |
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$16.9 |
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| Ratio of pre-tax income to net income |
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1.63 |
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1.62 |
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1.59 |
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1.61 |
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1.59 |
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| Preferred dividend factor |
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$14.5 |
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$29.2 |
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$26.2 |
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$26.7 |
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$26.9 |
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| Total fixed charges and preferred dividends |
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$194.0 |
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$204.8 |
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$196.5 |
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$197.2 |
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$196.9 |
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| Coverage of combined fixed charges |
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| and preferred dividends |
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2.84 |
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2.53 |
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2.20 |
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2.66 |
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2.63 |
| Item 7 Exhibit 12 Statements Re. Computation of Ratios
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The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed harges
and preferred dividends for each of the years 1999 through 1995, on a consolidated basis, are as follows. |
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For the Year Ended December 31, |
| (Dollar Amounts in Millions) |
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1999 |
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1998 |
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1997 |
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1996 |
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1995 |
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| Net income |
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$247.1 |
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$226.3 |
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$181.8 |
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$237.0 |
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$94.4 |
| Taxes based on income |
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114.5 |
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122.3 |
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65.6 |
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80.4 |
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43.7 |
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| Income before taxes |
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361.6 |
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348.6 |
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247.4 |
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317.4 |
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138.1 |
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| Fixed charges: |
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| Interest charges |
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208.7 |
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208.6 |
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216.1 |
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231.1 |
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238.7 |
| Interest factor in rentals |
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23.8 |
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24.0 |
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23.7 |
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23.9 |
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26.7 |
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| Total fixed charges |
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232.5 |
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232.6 |
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239.8 |
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255.0 |
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265.4 |
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| Nonutility subsidiary capitalized interest |
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(1.8) |
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(0.6) |
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(0.5) |
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(0.7) |
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(0.5) |
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| Income before income taxes and fixed charges |
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$592.3 |
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$580.6 |
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$486.7 |
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$571.7 |
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$403.0 |
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| Coverage of fixed charges |
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2.55 |
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2.50 |
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2.03 |
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2.24 |
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1.52 |
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| Preferred dividend requirements |
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$8.9 |
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$18.0 |
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$16.5 |
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$16.6 |
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$16.9 |
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| Ratio of pre-tax income to net income |
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1.46 |
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1.54 |
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1.36 |
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1.34 |
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1.46 |
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| Preferred dividend factor |
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$12.9 |
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$27.7 |
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$22.4 |
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$22.2 |
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$24.7 |
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| Total fixed charges and preferred dividends |
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$245.4 |
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$260.3 |
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$262.2 |
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$277.2 |
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$290.1 |
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| Coverage of combined fixed charges |
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| and preferred dividends |
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2.41 |
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2.23 |
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1.86 |
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2.06 |
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1.39 |
