EX-12 14 c48955exv12.htm EX-12 exv12
Exhibit 12
NiSource Inc.
Ratio of Earnings to Fixed Charges
The ration of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines (a).
                                         
            Year ended December 31,  
    2008     2007     2006     2005     2004  
Earnings as defined in item 503(d) of Regulation S-K:
                                  
Add:
                                        
Pretax income from continuing Operations (b)
   $ 546,410,765     $ 453,199,709     $ 526,345,493     $ 429,271,585     $ 687,915,414  
Fixed Charges
     423,043,134       437,049,228       421,450,249       448,835,272       431,296,041  
Amortization of capitalized interest (c)
     —       —       —       —       —  
Distributed income of equity investees
     7,941,413       44,134,385       21,974,949       3,384,404       3,793,299  
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)
     —       —       1,670,240       6,445,743       6,830,354  
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (6,727 )     (3,743 )     (8,288 )     (11,546 )     (22,187 )
 
                              
 
                                        
 
   $ 977,402,039     $ 934,387,065     $ 968,108,739     $ 875,057,064     $ 1,116,196,587  
 
                              
 
                                        
Fixed charges as defined in item 503(d) of Regulation S-K:
                                        
Interest on long-term debt
   $ 358,736,132     $ 353,404,387     $ 346,666,685     $ 385,598,925     $ 349,174,481  
Other interest
     37,897,043       58,563,231       45,992,323       21,103,118       33,133,933  
Capitalized interest during period (c)
                             —       —  
Amortization of premium, reacquisition premium, discount and expense on debt, net
     7,682,146       7,284,066       7,654,771       17,508,994       21,497,864  
Interest portion of rent expense
     18,734,540       17,801,287       19,474,518       18,190,038       20,681,596  
Minority Interest
     (6,727 )     (3,743 )     (8,288 )     (11,546 )     (22,187 )
 
                              
 
                                        
 
   $ 423,043,134     $ 437,049,228     $ 419,780,009     $ 442,389,529     $ 424,465,687  
 
                              
 
                                        
Plus preferred stock dividends:
                                        
Preferred dividend requirements of subsidiary
   $ —     $ —     $ 1,076,298     $ 4,233,611     $ 4,380,513  
Preferred dividend requirements factor
     0.67       0.65       0.64       0.66       0.64  
 
                              
 
                                        
Preference security dividend requirements of consolidated subsidiaries (d)
     —       —       1,670,240       6,445,743       6,830,354  
Fixed charges
     423,043,134       437,049,228       419,780,009       442,389,529       424,465,687  
 
                              
 
                                        
 
   $ 423,043,134     $ 437,049,228     $ 421,450,249     $ 448,835,272     $ 431,296,041  
 
                              
 
                                        
Ratio of earnings to fixed charges
     2.31       2.14       2.30       1.95       2.59  
 
(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.