EX-12 7 g80206exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges For Fiscal Years Ended October 31, 1998 through 2002 (in thousands except ratio amounts)
2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Earnings: Pre-tax income from continuing operations $ 82,091 $ 90,683 $ 99,199 $103,077 $100,938 Distributed income of equity investees 22,143 9,885 4,255 -- -- Fixed charges 44,251 47,793 44,368 37,978 38,415 -------- -------- -------- -------- -------- Total Adjusted Earnings $148,485 $148,361 $147,822 $141,055 $139,353 ======== ======== ======== ======== ======== Fixed Charges: Interest $ 42,250 $ 45,286 $ 42,010 $ 35,911 $ 36,453 Amortization of debt expense 366 420 465 323 304 One-third of rental expense 1,635 2,087 1,893 1,744 1,658 -------- -------- -------- -------- -------- Total Fixed Charges $ 44,251 $ 47,793 $ 44,368 $ 37,978 $ 38,415 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges $ 3.36 3.10 3.33 3.71 3.63 ======== ======== ======== ======== ========