EX-12 10 c62032exv12.htm EX-10.12 exv12
Exhibit 12
NiSource Inc.
Ratio of Earnings to Fixed Charges
                                         
    2010   2009   2008   2007   2006
     
Earnings as defined in item
503(d) of Regulation S-K:
                                       
Add:
                                       
Pretax income from continuing
                                       
Operations (b)
    $   421,269,857       $   381,711,851       $   547,756,665       $   453,435,772       $   526,823,271  
Fixed Charges
    442,730,583       423,724,907       422,708,986       436,701,099       419,858,840  
Amortization of capitalized interest (c)
    -       -       -       -       -  
Distributed income of equity investees
    36,741,190       2,924,805       7,941,413       44,134,385       21,974,949  
Share of pre-tax losses of equity investees for which charges arising guarantees are included in fixed charges
    -       -       -       -       -  
Deduct:
                                       
Interest capitalized (c)
    -       -       -       -       -  
Preference security dividend requirements of consolidated subsidiaries (d)
    -       -       -       -       1,670,297  
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
    (11,762 )     (46,769 )     (5,307 )     (2,708 )     (5,443 )
     
 
                                       
 
    $   900,753,392       $   808,408,332       $   978,412,370       $   934,273,964       $   966,992,206  
     
Fixed charges as defined in item 503(d) of Regulation S-K:
                                       
Interest on long-term debt
    $   390,690,947       $   386,737,382       $   358,736,132       $   353,404,387       $   346,666,685  
Other interest
    22,851,904       5,268,937       37,561,475       58,214,067       45,638,785  
Capitalized interest during period (c)
                                       
Amortization of premium, reacquisition premium, discount and expense on debt, net
    10,287,487       13,020,255       7,682,146       7,284,066       7,654,771  
Interest portion of rent expense
    18,912,006       18,745,102       18,734,540       17,801,287       18,233,745  
Minority Interest
    (11,762 )     (46,769 )     (5,307 )     (2,708 )     (5,443 )
 
                                       
     
 
                                       
 
    $   442,730,583       $   423,724,907       $   422,708,986       $   436,701,099       $   418,188,543  
 
 
                                       
Plus preferred stock dividends:
                                       
Preferred dividend requirements of subsidiary
    $   -       $   -       $   -       $   -       $   1,076,298  
Preferred dividend requirements factor
    0.68       0.58       0.67       0.65       0.64  
     
 
                                       
Preference security dividend requirements of consolidated subsidiaries (d)
    -       -       -       -       1,670,297  
 
                                       
Fixed charges
    442,730,583       423,724,907       422,708,986       436,701,099       418,188,543  
     
 
                                       
 
    $   442,730,583       $   423,724,907       $   422,708,986       $   436,701,099       $   419,858,840  
     
 
                                       
 
                                       
Ratio of earnings to fixed charges
    2.03       1.91       2.31       2.14       2.30  
 
     
(a)   Income Statement amounts have been adjusted for discontinued operations.
(b)   Excludes adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees.
(c)   NiSource is a public utility following SFAS 71 and therefore does not add amortization of capitalized interest or subtract interest capitalized in determining earnings, nor reduces fixed charges for Allowance for Funds Used During Construction.
(d)   Preferred dividends, as defined by SEC regulation S-K, are computed by dividing the preferred dividend requirement by one minus the effective income tax rate applicable to continuing operations.