EX-12 10 g92532exv12.txt EX-12 Exhibit 12 PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges For Fiscal Years Ended October 31, 2000 through 2004 (in thousands except ratio amounts)
2004 2003 2002 2001 2000 --------- --------- --------- --------- --------- Earnings: Pre-tax income from continuing operations $ 123,894 $ 105,189 $ 82,091 $ 90,683 $ 99,199 Distributed income of equity investees 26,291 10,188 22,143 9,885 4,255 Fixed charges 52,436 43,491 44,251 47,793 44,368 Preferred security dividend, net of tax (1,379) (276) - - - --------- --------- --------- --------- --------- Total Adjusted Earnings $ 201,242 $ 158,592 $ 148,485 $ 148,361 $ 147,822 ========= ========= ========= ========= ========= Fixed Charges: Interest $ 48,973 $ 41,401 $ 42,250 $ 45,286 $ 42,010 Amortization of debt expense 429 365 366 420 465 One-third of rental expense 1,655 1,449 1,635 2,087 1,893 Preferred security dividend, net of tax 1,379 276 - - - --------- --------- --------- --------- --------- Total Fixed Charges $ 52,436 $ 43,491 $ 44,251 $ 47,793 $ 44,368 ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 3.84 3.65 3.36 3.10 3.33 ==== ==== ==== ==== ====