Exhibit 12.2
CALIFORNIA WATER SERVICE GROUP
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
In thousands, except ratios
Year ended December 31
12 mo ended --------------------------------------------------------------
March 31, 2003 2002 2001 2000 1999 1998
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EARNINGS (1):
Income before income tax expense $ 27,113 $ 31,641 $ 24,693 $ 31,534 $ 35,486 $ 31,285
Fixed charges expensed and capitalized 19,202 18,649 17,214 15,680 14,798 14,095
Capitalized interest (1,323) (1,473) (858) (703) (324) (224)
Preferred dividend requirements (255) (255) (255) (255) (255) (255)
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$ 44,737 $ 48,562 $ 40,794 $ 46,256 $ 49,705 $ 44,901
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Fixed charges:
Interest expensed and capitalized, and
amortization of capitalized
expenses related to indebtedness $ 18,863 $ 18,314 $ 16,887 $ 15,349 $ 14,489 $ 13,791
Estimated interest component of
rent expense 84 80 72 76 54 49
Preferred dividend requirements 255 255 255 255 255 255
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$ 19,202 $ 18,649 $ 17,214 $ 15,680 $ 14,798 $ 14,095
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Ratio of earnings to fixed charges
including preferred stock dividends 2.33 2.60 2.37 2.95 3.36 3.19
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(1) As defined by Item 503(d) of Regulation S-K.
(2) The business is seasonal, therefore the information for the 3 month period
ended March 31, 2003 is not indicative of the results of the entire year
and therefore is not presented.