EX-12 14 ex12ratios.htm EXHIBIT 12

EXHIBIT 12

 

 

 

NUI CORPORATION AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

  

                                Year Ended September 30,                

2003

  2002

  2001

  2000

  1999

Income (loss) from continuing operations before income taxes


$(10,285)


$27,283


$45,576

      $32,984


$39,581

 

 

 

 

 

 

Add:

 

 

 

 

 

Interest element of rentals

 

 

 

 

 

charged to income (a)

3,362

3,752

3,239

2,345

3,144

Interest expense

  27,494

  28,041

  29,469

  21,708

  21,836

Earnings as defined

$20,571

$59,076

$78,284

$57,037

$64,561

 

 

 

 

 

 

Interest expense

$27,494

$28,041

$29,469

$21,708

$21,836

Capitalized interest

213

173

1,548

754

83

Interest element of rentals charged

 

 

 

 

 

to income (a)

    3,362

    3,752

    3,239

    2,345

    3,144

Fixed charges as defined

$31,069

$31,966

$34,256

$24,807

$25,063

 

 

 

 

 

 

Consolidated ratio of earnings to fixed charges


0.66(b)


1.85


2.29


2.30


2.58

 

 

 

 

 

 

(a)     Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

(b)           For the fiscal year ended September 30, 2003, the company's pre-tax earnings were inadequate to cover its fixed charges for the year.  The amount of such earnings deficiency for the year was $10.5 million pre-tax.