Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
WGL HOLDINGS, INC. AND SUBSIDIARIES
| Nine Months Ended June 30, |
Twelve Months Ended September 30, | |||||||||||||||||||||||
| ($ in thousands) |
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
| EARNINGS: |
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| Pre-Tax Net Income(a) |
$ | 269,022 | $ | 252,632 | $ | 210,915 | $ | 161,320 | $ | 132,355 | $ | 233,247 | ||||||||||||
| Add: |
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| Distributed Income of Equity Investees |
15,117 | 13,806 | 5,468 | 3,194 | 1,510 | 1,240 | ||||||||||||||||||
| Total Fixed Charges |
57,692 | 55,225 | 53,471 | 39,484 | 37,893 | 38,583 | ||||||||||||||||||
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| Total Earnings |
$ | 341,831 | $ | 321,663 | $ | 269,854 | $ | 203,998 | $ | 171,758 | $ | 273,070 | ||||||||||||
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| FIXED CHARGES: |
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| Interest on Long-Term Debt |
$ | 52,897 | $ | 51,809 | $ | 50,450 | $ | 36,383 | $ | 34,512 | $ | 36,275 | ||||||||||||
| Other Interest (excluding AFUDC) |
2,432 | 298 | 658 | 918 | 905 | 229 | ||||||||||||||||||
| Amortization of Debt Premium, Discount and Expense |
223 | 303 | 373 | 345 | 337 | 352 | ||||||||||||||||||
| One-Third of Rental Expense(b) |
2,140 | 2,815 | 1,990 | 1,838 | 2,139 | 1,727 | ||||||||||||||||||
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| Total Fixed Charges |
$ | 57,692 | $ | 55,225 | $ | 53,471 | $ | 39,484 | $ | 37,893 | $ | 38,583 | ||||||||||||
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| Ratio of Earnings to Fixed Charges |
5.9 | 5.8 | 5.0 | 5.2 | 4.5 | 7.1 | ||||||||||||||||||
| (a) | Excludes amounts attributable to income or loss from equity investees. |
| (b) | Management believes one-third of the total rental expense gives a reasonable estimate of total interest on rentals. |