EX-12 4 d439807dex12.htm EX-12 EX-12

EXHIBIT 12

NATIONAL FUEL GAS COMPANY

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

UNAUDITED

 

     For the Twelve
Months Ended
September 30, 2012		     Fiscal Year Ended September 30,  
       2011     2010     2009     2008  

EARNINGS:

           

Income from Continuing Operations

    $ 220,077      $ 258,402      $ 219,133      $ 103,484      $ 266,907   

Plus Income Tax Expense

      150,554        164,381        137,227        52,859        167,672   

Less Investment Tax Credit (1)

      (581 )      (697 )      (697 )      (697 )      (697 ) 

(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)

      1,442        759        (2,488 )      (1,562 )      (6,303 ) 

Plus Distributions from Unconsolidated Subsidiaries

      —        4,278        2,600        2,900        8,280   

Plus Interest Expense on Long-Term Debt

      82,002        73,567        87,190        79,419        70,099   

Plus Other Interest Expense

      4,238        4,554        6,756        7,370        3,271   

Less Amortization of Loss on Reacquired Debt

      (1,093 )      (1,093 )      (1,093 )      (1,124 )      (1,156 ) 

Plus (Less) Allowance for Borrowed Funds Used in Construction

      1,231        1,037        323        1,174        2,100   

Plus (Less) Other Capitalized Interest

      2,992        1,516        1,056        —        —   

Plus Rentals (2)

      12,958        5,003        1,707        1,867        2,229   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 473,820      $ 511,707      $ 451,714      $ 245,690      $ 512,402   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES:

           

Interest & Amortization of Premium and Discount of Funded Debt

    $ 82,002      $ 73,567      $ 87,190      $ 79,419      $ 70,099   

Plus Other Interest Expense

      4,238        4,554        6,756        7,370        3,271   

Less Amortization of Loss on Reacquired Debt

      (1,093 )      (1,093 )      (1,093 )      (1,124 )      (1,156 ) 

Plus (Less) Allowance for Borrowed Funds Used in Construction

      1,231        1,037        323        1,174        2,100   

Plus (Less) Other Capitalized Interest

      2,992        1,516        1,056        —        —   

Plus Rentals (2)

      12,958        5,003        1,707        1,867        2,229   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 102,328      $ 84,584      $ 95,939      $ 88,706      $ 76,543   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      4.63        6.05        4.71        2.77        6.69   

(1) Investment Tax Credit is included in Other Income.

(2) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.

(3) Fiscal 2009 includes an impairment of an investment in a partnership of $1,804.