1 EXHIBIT 12 SOUTHERN CALIFORNIA WATER COMPANY Calculation Of Earnings To Fixed Charges Quarter Years Ended December 31, Ended -------------------------------------------------------- Description 30-Jun-95 1994 1993 1992 1991 1990 --------------------------------------------------------------------------------------------------- ($000'S) ($000's) ($000's) ($000's) ($000's) ($000's) Operating Income 5,129 18,930 20,050 19,098 16,825 14,733 Taxes On Income 2,159 8,865 5,491 7,791 5,340 6,034 --------------------------------------------------------------------- Earnings Available For Fixed Charges 7,288 27,795 25,541 26,889 22,165 20,767 --------------------------------------------------------------------- Total Fixed Interest Charges 2,309 7,828 8,378 7,890 7,583 6,421 --------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 3.16 3.55 3.05 3.41 2.92 3.23 =====================================================================