EX-12 2 a20161231exhibit12.htm EXHIBIT 12 Exhibit


Piedmont Natural Gas Company, Inc.
 
 
 
 
 
 
 
 
 
Exhibit 12
 
Computation of Ratio of Earnings to Fixed Charges
For Two Months Ended December 31, 2016 and Fiscal Years Ended October 31, 2012 through 2016
 
The ratio of earnings to fixed changes is calculated using the Securities and Exchange Commission guidelines.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Two Months Ended
 
Years Ended October 31,
(in millions)
 
December 31, 2016
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
  Pretax income from continuing operations
 
$
84.1

 
$
288.9

 
$
192.8

 
$
205.9

 
$
194.3

 
$
174.1

  Fixed charges
 
15.1

 
84.4

 
81.3

 
72.6

 
59.8

 
49.2

  Distributed income of equity investees
 
1.1

 
25.8

 
24.9

 
24.8

 
22.1

 
19.5

Total earnings
 
$
100.3

 
$
399.1

 
$
299.0

 
$
303.3

 
$
276.2

 
$
242.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
  Interest on debt, including capitalized portions
 
14.9

 
$
83.1

 
$
79.9

 
$
71.3

 
$
58.3

 
$
47.8

  Estimate of interest within rental expense
 
0.2

 
1.3

 
1.4

 
1.3

 
1.5

 
1.4

Total fixed charges
 
$
15.1

 
$
84.4

 
$
81.3

 
$
72.6

 
$
59.8

 
$
49.2

Ratio of earnings to fixed charges
 
6.6

 
4.7

 
3.7

 
4.2

 
4.6

 
4.9