Section 285.4070  Schedule D-7: Comparative Financial Data

a)         Provide comparative financial data for the five most recently completed calendar or fiscal years through the capital structure measurement period in Schedule D-7. If the data requested in this Section may be found in either the annual report to shareholders or the statistical supplement supplied with the materials submitted pursuant to this Part, appropriate references to these reports, including page numbers, may be supplied in this Schedule in place of that data. Unless otherwise specified, the data in this Section shall be provided on a total company basis with amounts attributable to non-utility subsidiaries identified and shown separately. Provide workpapers showing the calculation of the ratios requested in subsection (c).

b)         Terms used in subsection (c):

1)         Funds from operations: net income plus depreciation and amortization (excluding cash decommissioning fund contributions) plus deferred income taxes plus deferred investment tax credits minus AFUDC or IDC plus other internal sources (excluding working capital changes);

2)         Total capital: short-term debt plus total long-term debt plus preferred stock plus common stock; and

3)         Total long-term debt: long-term debt including debt due within one year and capital leases.

c)         Data required:

1)         Capital structure ratios (percent based upon fiscal or calendar year end amounts). If the weights of the components of the ratemaking capital structure differ from those of the total company, provide both sets of ratios:

A)        Short-term debt ratio (short-term debt divided by total capital);

B)        Long-term debt ratio (total long-term debt divided by total capital);

C)        Preferred stock ratio (total preferred stock divided by total capital); and

D)        Common equity ratio (common equity divided by total capital).

2)         Costs of capital. If the costs of the components of the ratemaking capital structure differ from those of the total company, provide the costs for both:

A)        Embedded cost of long-term debt; and

B)        Embedded cost of preferred stock.

3)         Earnings ratios:

A)        AFUDC or IDC as a percentage of earnings available for common shareholders ((AFUDC or IDC plus deferred charges) multiplied by 100) divided by earnings available for common shareholders;

B)        Return on net original cost rate base-year end (operating income divided by net original cost rate base). Combination utilities, e.g., gas and electric, shall also show the return for each operation; and

C)        Return on average common equity (earnings available for common shareholders divided by average common equity).

4)         Fixed charge coverage:

A)        Pre-tax interest coverage excluding AFUDC or IDC ((total operating income plus other income plus federal and State income taxes minus AFUDC equity funds portion) divided by total interest charges); and

B)        After-tax fixed charge coverage (total operating income plus other income) divided by (total interest charges plus preferred dividends).

5)         Cash flow ratios:

A)        Funds flow interest coverage ((funds from operations plus cash interest paid) divided by total interest incurred);

B)        Funds flow as a percent of average total debt (funds from operations divided by (average short-term debt plus average long-term debt));

C)        Cash coverage of common dividends ((funds from operations minus preferred dividends) divided by common dividends); and

D)        Net cash flow as a percentage of construction expenditures ((funds from operations minus preferred dividends minus common dividends) divided by (gross construction expenditures minus AFUDC or IDC)).

6)         Common stock related data:

A)        Shares outstanding (fiscal or calendar year end);

B)        Shares outstanding (weighted average – monthly);

C)        Earnings per share (weighted average);

D)        Dividends paid per share (weighted average); and

E)        Dividend payout ratio (common dividends divided by earnings available for common shareholders).