(1) Obligation includes bonds, debentures, notes, or other evidences of indebtedness.

(2) Institution includes corporations, joint-stock associations, and business trusts.

(3) 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 such institution.

(4) Fixed charges includes interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties.

(5) Value means fair value. Market value is the best evidence of fair value.

(1) The net earnings shall be determined after provision for income taxes of subsidiaries and after proper allowance for minority stock interest, if any, and

(2) 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.