Exhibit 12.1
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Aqua America, Inc.
Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends
(In thousands, except ratios)
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 256,652 | $ | 255,160 | $ | 216,752 | $ | 239,103 | $ | 224,104 | ||||||||||
Less: Equity earnings (loss) in JV | 331 | 976 | (35,177 | ) | (3,989 | ) | (2,665 | ) | ||||||||||||
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Income from continuing operations before income taxes andnon-controlling interest | 256,321 | 254,184 | 251,929 | 243,092 | 226,769 | |||||||||||||||
Add: fixed charges | 87,279 | 79,449 | 79,350 | 79,220 | 80,564 | |||||||||||||||
Less: capitalized interest (see note below) | (3,578 | ) | (2,254 | ) | (1,597 | ) | (1,494 | ) | (1,743 | ) | ||||||||||
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Total earnings | $ | 340,022 | $ | 331,379 | $ | 329,682 | $ | 320,818 | $ | 305,591 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest on all indebtedness | $ | 86,221 | $ | 78,251 | $ | 76,848 | $ | 76,673 | $ | 77,735 | ||||||||||
Amortization of debt expense | 318 | 282 | 1,697 | 1,609 | 1,613 | |||||||||||||||
Estimated interest attributable to rental and lease expense* | 740 | 916 | 805 | 938 | 1,216 | |||||||||||||||
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Total fixed charges | $ | 87,279 | $ | 79,449 | $ | 79,350 | $ | 79,220 | $ | 80,564 | ||||||||||
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Ratio of earnings to fixed charges | 3.90 | 4.17 | 4.15 | 4.05 | 3.79 | |||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends: | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes andnon-controlling interest | $ | 256,321 | $ | 254,184 | $ | 251,929 | $ | 243,092 | $ | 226,769 | ||||||||||
Add: combined fixed charges | 87,279 | 79,449 | 79,350 | 79,220 | 80,564 | |||||||||||||||
Less: preferred stock dividends | — | — | — | — | — | |||||||||||||||
Less: capitalized interest (see note below) | (3,578 | ) | (2,254 | ) | (1,597 | ) | (1,494 | ) | (1,743 | ) | ||||||||||
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Total earnings | $ | 340,022 | $ | 331,379 | $ | 329,682 | $ | 320,818 | $ | 305,591 | ||||||||||
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Combined fixed charges: | ||||||||||||||||||||
Interest on all indebtedness | $ | 86,221 | $ | 78,251 | $ | 76,848 | $ | 76,673 | $ | 77,735 | ||||||||||
Amortization of debt expense | 318 | 282 | 1,697 | 1,609 | 1,613 | |||||||||||||||
Estimated interest attributable to rental and lease expense* | 740 | 916 | 805 | 938 | 1,216 | |||||||||||||||
Preferred stock dividends | — | — | — | — | — | |||||||||||||||
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Total combined fixed charges and preferred stock dividends | $ | 87,279 | $ | 79,449 | $ | 79,350 | $ | 79,220 | $ | 80,564 | ||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 3.90 | 4.17 | 4.15 | 4.05 | 3.79 | |||||||||||||||
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Note: Capitalized interest only includes the AFUDC debt component as this is the portion that would be considered a fixed interest charge.
* | Estimated interest attributable to rental and lease expense has been calculated using an assumed interest factor of 33% of rental and lease expense. |