EX-12.1 3 a2230721zex-12_1.htm EX-12.1

Exhibit 12.1

 

Piedmont Natural Gas Company, Inc.

Computation of Ratio of Earnings to Fixed Charges

For Fiscal Years Ended October 31, 2012 through 2016

 

(In millions except ratio amounts)

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined for fixed charges calculation

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

288.9

 

$

192.8

 

$

205.9

 

$

194.3

 

$

174.1

 

Fixed charges

 

84.4

 

81.3

 

72.6

 

59.8

 

49.2

 

Distributed income of equity investees

 

25.8

 

24.9

 

24.8

 

22.1

 

19.5

 

Total earnings

 

$

399.1

 

$

299.0

 

$

303.3

 

$

276.2

 

$

242.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on debt

 

$

83.1

 

$

79.9

 

$

71.3

 

$

58.3

 

$

47.8

 

Estimate of interest within rental expense

 

1.3

 

1.4

 

1.3

 

1.5

 

1.4

 

Total fixed charges

 

$

84.4

 

$

81.3

 

$

72.6

 

$

59.8

 

$

49.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.73

 

3.68

 

4.18

 

4.62

 

4.93