26-7-102. Definitions of terms used in chapter; determination of net earnings.
(a) As used in this chapter:
(i) "Fixed charges" means interest on funded and unfunded debt amortization of debt discount and rentals for leased properties;
(ii) "Institution" means corporations, joint-stock associations and business trusts;
(iii) "Net earnings available for fixed charges" means net income after deducting operating and maintenance expenses, taxes, other than federal and state income taxes, depreciation and depletion, but excluding extraordinary nonrecurring items of income or expense appearing in the regular financial statements of the institutions involved;
(iv) "Obligations" means bonds, debentures, notes or other evidences of indebtedness.
(b) If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions, those net earnings shall be determined after provision for income taxes of subsidiaries and after proper allowance for minority stock interest if any. The required coverage of fixed charges shall be computed on a basis including fixed charges and preferred dividends of subsidiaries other than those payable by the subsidiaries to the parent corporation or to any other of the subsidiaries, except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations the commissioner prescribes.