Exhibit 12.01
AMERICAN STATE WATER COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
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| For the year ended December 31, |
| For the |
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
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Earnings |
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Pre-tax income from continuing operations |
| $ | 32,006 |
| $ | 48,506 |
| $ | 38,762 |
| $ | 48,820 |
| $ | 35,384 |
| $ | 25,529 |
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Add: Fixed charges |
| 18,947 |
| 15,475 |
| 21,999 |
| 22,553 |
| 22,454 |
| 11,470 |
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Earnings available for fixed charges |
| 50,953 |
| 63,981 |
| 60,761 |
| 71,373 |
| 57,838 |
| 36,999 |
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Fixed charges |
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Interest Expense (1) |
| 18,095 |
| 14,657 |
| 21,121 |
| 21,582 |
| 21,330 |
| 10,953 |
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Interest component of rentals (2) |
| 852 |
| 818 |
| 878 |
| 971 |
| 1,124 |
| 517 |
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Total fixed charges |
| 18,947 |
| 15,475 |
| 21,999 |
| 22,553 |
| 22,454 |
| 11,470 |
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Ratio of earnings to fixed charges |
| 2.69 |
| 4.13 |
| 2.76 |
| 3.16 |
| 2.58 |
| 3.23 |
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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