<TABLE>
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
<CAPTION>
12 Months
Ending Year Ended December 31,
September 30, 2000 1999 1998 1997 1996 1995
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS AVAILABLE FOR
FIXED CHARGES
Pre-tax income:
Income from continuing
operations per statement
of income $184,390 $185,567 $169,612 $125,698 $167,351 $128,382
Federal income taxes 113,749 109,164 105,814 44,916 106,876 91,519
Federal income taxes charged
to other income - net 5,980 2,909 3,986 14,807 (784) (11,967)
Capitalized interest (1,588) (3,692) (1,782) (360) (600) (660)
Undistributed (earnings) or
losses of less-than-
fifty-percent-owned
entities -- -- -- (608) 460 8,325
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total $302,531 $293,948 $277,630 $184,453 $273,303 $215,599
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Fixed charges:
Interest expense $180,999 $160,966 $146,248 $123,543 $122,635 $131,346
Other interest 1,588 3,692 1,782 360 600 660
Portion of rentals
representative of the
interest factor 4,948 4,575 2,878 3,143 4,187 5,150
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Total $187,535 $169,233 $150,908 $127,046 $127,422 $137,156
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
Earnings available for
combined fixed charges $490,066 $463,181 $428,538 $311,499 $400,725 $352,755
RATIO OF EARNINGS TO
FIXED CHARGES 2.61x 2.74x 2.84x 2.45x 3.14x 2.57x
</TABLE>
<PAGE>
<TABLE>
STATEMENT SETTING FORTH COMPUTATIONS OF RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
<CAPTION>
12 Months
Ending Year Ended December 31,
September 30, 2000 1999 1998 1997 1996 1995
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS AVAILABLE FOR COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS
Pretax income:
Income from continuing
operations per statement
of income $184,390 $185,567 $169,612 $125,698 $167,351 $128,382
Federal income taxes 113,749 109,164 105,814 44,916 106,876 91,519
Federal income taxes charged
to other income - net 5,980 2,909 3,986 14,807 (784) (11,967)
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Subtotal 304,119 297,640 279,412 185,421 273,443 207,934
Capitalized interest (1,588) (3,692) (1,782) (360) (600) (660)
Undistributed (earnings) or
losses of less-than-fifty-
percent-owned entities -- -- -- (608) 460 8,325
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $302,531 $293,948 $277,630 $184,453 $273,303 $215,599
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Fixed charges:
Interest expense $180,999 $160,966 $146,248 $123,543 $122,635 $131,346
Other interest 1,588 3,692 1,782 360 600 660
Portion of rentals
representative of the
interest factor 4,948 4,575 2,878 3,143 4,187 5,150
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $187,535 $169,233 $150,908 $127,046 $127,422 $137,156
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Earnings available for
combined fixed charges
and preferred dividend
Requirements $490,066 $463,181 $428,538 $311,499 $400,725 $352,755
DIVIDEND REQUIREMENT:
Fixed charges above $187,535 $169,233 $150,908 $127,046 $127,422 $137,156
Preferred dividend
requirements below 15,070 17,747 21,421 26,266 36,242 36,693
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
Total $202,605 $186,980 $172,329 $153,312 $163,664 $173,849
------------------------------------- ---------------------- ------------ ------------ ------------ ------------ ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
12 Months
Ending Year Ended December 31,
September 30, 2000 1999 1998 1997 1996 1995
------------------------------------- ---------------------- ----------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS 2.42 2.48 2.49 2.03 2.45 2.03
COMPUTATION OF PREFERRED
DIVIDEND REQUIREMENTS:
(a) Pre-tax income $304,119 $297,640 $279,412 $185, 421 $273,443 $207,934
(b) Income from continuing
operations $184,390 $185,567 $169,612 $125,698 $167,351 $128,382
(c) Ratio of (a) to (b) 1.6493 1.6039 1.6474 1.4751 1.6339 1.6197
(d) Preferred dividends $ 9,137 $ 11,065 $ 13,003 $ 17,806 $ 22,181 $ 22,654
Preferred dividend
requirements
[(d) multiplied by (c)] $ 15,070 $ 17,747 $ 21,421 $ 26,266 $ 36,242 $ 36,693
</TABLE>
