EX-12 3 a20161031exhibit12.htm EXHIBIT 12 Exhibit


 
 
 
 
 
 
 
 
 
 
Exhibit 12

 
 
 
 
 
 
 
 
 
 
 
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
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:
 
 
 
 
 
 
 
 
 
 
  Pre-tax income from continuing operations
 
$
153.5

 
$
191.9

 
$
205.1

 
$
193.1

 
$
171.7

  Distributed income of unconsolidated affiliates
 
43.8

 
26.4

 
28.8

 
26.8

 
25.0

  Fixed charges
 
82.4

 
81.3

 
72.6

 
57.5

 
47.0

 
 
 
 
 
 
 
 
 
 
 
    Total Adjusted Earnings
 
$
279.7

 
$
299.6

 
$
306.5

 
$
277.4

 
$
243.7

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
  Interest
 
$
79.4

 
$
78.4

 
$
69.9

 
$
54.8

 
$
43.9

  Amortization of debt expense
 
1.4

 
1.3

 
1.2

 
1.0

 
1.4

  Amortization of loss - reacquired debt
 
0.2

 
0.2

 
0.2

 
0.2

 
0.2

  One-third of rental expense
 
1.4

 
1.4

 
1.3

 
1.5

 
1.5

 
 
 
 
 
 
 
 
 
 
 
      Total Fixed Charges
 
$
82.4

 
$
81.3

 
$
72.6

 
$
57.5

 
$
47.0

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.40

 
3.68

 
4.22

 
4.82

 
5.19