EX-12 7 w57495ex12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 NiSource, INC. RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------------------------------------------------------------------------ 1997 1998 1999 2000 2001 ------------ ------------ ------------ ------------ -------------- EARNINGS AS DEFINED IN ITEM 503(d) OF REGULATION S-K: Income before interest charges ........................ $319,514,639 $338,081,136 $376,782,105 $504,120,756 $ 883,366,001 Adjustments- Federal income taxes ........... 97,010,863 115,799,335 91,898,851 81,292,674 193,915,089 State income tax ............... 16,856,952 16,785,056 14,131,404 14,249,484 32,364,742 Deferred investment tax credit, net .................. (7,375,636) (7,360,787) (7,691,257) (7,806,853) (9,008,085) Deferred income taxes, net ..... (1,466,940) (22,460,744) (7,890,731) 38,155,011 (34,112,781) Federal and state income taxes included in other income ....................... 987,240 (1,900,910) -- -- -- Amortization of capitalized interest ......... -- -- -- -- -- ------------ ------------ ------------ ------------ -------------- $425,527,118 $438,943,086 $467,230,372 $630,011,072 $1,066,524,966 ============ ============ ============ ============ ============== FIXED CHARGES AS DEFINED IN ITEM 503(d) OF REGULATION S-K: Interest on long-term debt ....... $102,842,096 $111,419,929 $131,788,755 $133,879,888 $ 436,427,884 Other interest ................... 13,453,006 16,536,021 33,234,752 166,561,203 145,040,904 Amortization of premium, reacquisition premium, discount and expense on debt, net ................... 4,718,120 4,589,696 5,148,168 7,913,866 20,509,675 Interest portion of rent expense ........................ 2,939,650 7,899,302 16,757,234 19,143,000 44,135,938 Minority Interest (Topies) ....... -- -- 17,810,625 20,355,000 20,355,000 Capitalized interest during period ......................... 0 0 0 0 0 ------------ ------------ ------------ ------------ -------------- $123,952,872 $140,444,948 $204,739,534 $347,852,957 $ 666,469,401 ============ ============ ============ ============ ============== Plus preferred stock dividends: Preferred dividend requirements of subsidiary ..... $ 8,691,457 $ 8,538,180 $ 8,334,254 $ 7,817,003 $ 7,473,412 Preferred dividend requirements factor ............ 1.54 1.49 1.61 1.61 1.61 ------------ ------------ ------------ ------------ -------------- Preferred dividend requirements of subsidiary ..... 13,384,844 12,721,888 13,418,149 12,585,375 12,032,193 Fixed charges .................... 123,952,872 140,444,948 204,739,534 347,852,957 666,469,401 ------------ ------------ ------------ ------------ -------------- $137,337,716 $153,166,836 $218,157,683 $360,438,332 $ 678,501,594 ============ ============ ============ ============ ============== Ratio of earnings to fixed charges .......................... 3.10 2.87 2.14 1.75 1.57