EX-12 2 nfg-6302015xexhibit12.htm EXHIBIT 12 NFG-6.30.2015-Exhibit 12

EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
 
For the Twelve Months Ended
Fiscal Year Ended September 30,
 
 
 
 
 
 
June 30, 2015
2014
2013
2012
2011
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
Net Income (Loss) Available for Common Stock
$
(134,294
)
$
299,413

$
260,001

$
220,077

$
258,402

Plus Income Tax Expense (Benefit)
(129,624
)
189,614

172,758

150,554

164,381

Less Investment Tax Credit (A)
(419
)
(434
)
(426
)
(581
)
(697
)
(Less Income) Plus Loss from Unconsolidated Subsidiaries
(40
)
(397
)
204

1,442

759

Plus Distributions from Unconsolidated Subsidiaries
—

—

—

—

4,278

Plus Interest Expense on Long-Term Debt
89,327

90,194

90,273

82,002

73,567

Plus Other Interest Expense
4,005

4,083

3,838

4,238

4,554

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(721
)
(1,093
)
(1,093
)
Plus (Less) Allowance for Borrowed Funds Used in Construction
1,599

900

827

1,231

1,037

Plus (Less) Other Capitalized Interest
4,825

3,560

1,801

2,992

1,516

Plus Rentals (B)
15,352

13,700

14,204

12,958

5,003

 
 
 
 
 
 
 
$
(149,798
)
$
600,104

$
542,759

$
473,820

$
511,707

FIXED CHARGES:
 
 
 
 
 
Interest & Amortization of Premium and Discount of Funded Debt
$
89,327

$
90,194

$
90,273

$
82,002

$
73,567

Plus Other Interest Expense
4,005

4,083

3,838

4,238

4,554

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(721
)
(1,093
)
(1,093
)
Plus (Less) Allowance for Borrowed Funds Used in Construction
1,599

900

827

1,231

1,037

Plus (Less) Other Capitalized Interest
4,825

3,560

1,801

2,992

1,516

Plus Rentals (B)
15,352

13,700

14,204

12,958

5,003

 
 
 
 
 
 
 
$
114,579

$
111,908

$
110,222

$
102,328

$
84,584

RATIO OF EARNINGS TO FIXED CHARGES
(C)

5.36

4.92

4.63

6.05


(A)
Investment Tax Credit is included in Other Income.
(B)
Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(C)
The ratio coverage for the twelve months ended June 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $264,377 to achieve a coverage of 1:1 for the twelve months ended June 30, 2015.