EX-12 18 c83669exv12.txt RATIO OF EARNINGS TO FIXED CHARGES . . . NiSource, INC. EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------ ------------ -------------- -------------- -------------- 1999 2000 2001 2002 2003 ------------ ------------ -------------- -------------- -------------- EARNINGS AS DEFINED IN ITEM 503(d) OF REGULATION S-K: Income before interest charges.................................... $376,782,105 $ 494,519,475 $ 870,211,161 $ 991,748,855 $ 934,045,019 Adjustments- Federal income taxes....................... 91,898,851 71,139,657 189,680,818 126,444,712 130,354,596 State income tax........................... 14,131,404 13,355,910 29,423,420 (3,328,930) 24,282,318 Deferred investment tax credit, net............................... (7,691,257) (7,806,853) (9,008,085) (8,948,881) (8,873,363) Deferred income taxes, net................. (7,890,731) 38,720,144 (43,505,150) 104,733,584 88,426,495 Federal and state income taxes included in other income.................................... - - - - - Amortization of capitalized interest...................... - - - - - ------------ ------------ -------------- -------------- -------------- $467,230,372 $609,928,333 $1,036,802,164 $1,210,649,340 $1,168,235,065 ============ ============ ============== ============== ============== FIXED CHARGES AS DEFINED IN ITEM 503(d) OF REGULATION S-K: Interest on long-term debt.................. $131,788,755 $136,618,874 $ 438,229,953 $ 426,983,858 $ 403,595,874 Other interest.............................. 33,234,752 163,630,341 139,332,645 70,950,052 44,636,174 Amortization of premium, reacquisition premium, discount and expense on debt, net............................... 5,148,168 7,966,977 20,509,675 20,984,140 18,944,887 Interest portion of rent expense.................................... 16,757,234 8,989,500 31,061,310 20,107,170 18,280,335 Minority Interest (Topies) 17,810,625 20,396,000 20,393,000 20,355,000 2,544,375 Capitalized interest during period.......... 0 0 0 0 0 ------------ ------------ -------------- -------------- -------------- $204,739,534 $337,601,692 $ 649,526,583 $ 559,380,220 $ 488,001,645 ============ ============ ============== ============== ============== Plus preferred stock dividends: Preferred dividend requirements of subsidiary................ $ 8,334,254 $ 7,817,003 $ 7,473,412 $ 6,782,448 $ 4,502,884 Preferred dividend requirements factor........................ 1.61 1.61 1.61 1.61 1.61 ------------ ------------ -------------- -------------- -------------- Preferred dividend requirements of subsidiary................. 13,418,149 12,585,375 12,032,193 10,919,741 7,249,643 Fixed charges............................... 204,739,534 337,601,692 649,526,583 559,380,220 488,001,645 ------------ ------------ -------------- -------------- -------------- $218,157,683 $350,187,067 $ 661,558,776 $ 570,299,961 $ 495,251,289 ============ ============ ============== ============== ============== Ratio of earnings to fixed charges.................................... 2.14 1.74 1.57 2.12 2.36