The following statistics relate to Michgate, an electric utility:

2011 2010 2009

850,600 820,200 $780,000

1,080,500 1,037,200 974,000

3.00 2.90 2.60

3.40 3.25 2.30

3,900,000 3,750,000 3,600,000

1,500,000 1,480,000 1,470,000

280,000 260,000 230,000

Required:

a. Calculate the following for 2011, 2010, and 2009

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.