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The following statistics relate to Michgate, an electric utility:
2007
2006
2005
(In thousands of dollars, except per share)
Operating expenses
$850,600
$820,200
$780,000
Operating revenues
1,080,500
1,037,200
974,000
Earnings per share
3.00
2.90
2.60
Cash flow per share
3.40
3.25
2.30
Operating property
3,900,000
3,750,000
3,600,000
Funded debt (long-term)
1,500,000
1,480,000
1,470,000
Net income
280,000
260,000
230,000
Required
a. Calculate the following for 2007, 2006, and 2005:
1. Operating ratio
2. Funded debt to operating property
3. Percent earned on operating property
4. Operating revenue to operating property
b. Comment on trends found in the ratios computed in (a).
c. Comment on the trend between earnings per share and cash flow per share
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