Exhibit 12.01
AMERICAN STATES WATER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
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For the years ended December 31, |
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2007 |
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2008 |
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2009 |
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2010 |
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2011 |
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For the six |
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Earnings: |
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Pre-tax income from continuing operations |
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$ |
47,311 |
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$ |
41,963 |
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$ |
48,075 |
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$ |
54,126 |
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$ |
72,086 |
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$ |
42,628 |
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Add: Fixed charges |
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22,070 |
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21,997 |
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22,985 |
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22,683 |
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24,648 |
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12,296 |
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Earnings available for fixed charges |
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$ |
69,381 |
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$ |
63,960 |
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$ |
71,060 |
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$ |
76,809 |
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$ |
96,734 |
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$ |
54,924 |
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Fixed charges: |
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Interest expense (1) |
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$ |
21,102 |
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$ |
20,877 |
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$ |
21,899 |
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$ |
21,636 |
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$ |
23,681 |
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$ |
11,790 |
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Interest component of rentals (2) |
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968 |
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1,120 |
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1,086 |
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1,047 |
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967 |
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506 |
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Total fixed charges |
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$ |
22,070 |
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$ |
21,997 |
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$ |
22,985 |
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$ |
22,683 |
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$ |
24,648 |
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$ |
12,296 |
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Ratio of earnings to fixed charges |
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3.14 |
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2.91 |
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3.09 |
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3.39 |
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3.92 |
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4.47 |
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(1) Includes amortization of debt issuance costs.
(2) Reflects one-third of rental expense under operating leases considered to represent an approximate interest factor.