EX-12 7 cpk12312014ex-12.htm EXHIBIT 12 CPK 12.31.2014 EX-12


EXHIBIT 12
Chesapeake Utilities Corporation
Ratio of Earnings to Fixed Charges
 
 
For the Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
(in thousands, except ratio of earnings to fixed charges)
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
36,092

 
$
32,787

 
$
28,863

 
$
27,622

 
$
26,056

Add:
 
 
 
 
 
 
 
 
 
Income taxes
23,945

 
22,085

 
19,296

 
17,989

 
16,923

Portion of rents representative of interest factor
588

 
542

 
464

 
363

 
356

Interest on indebtedness
9,439

 
8,202

 
8,707

 
8,954

 
9,090

Amortization of debt discount and expense
42

 
33

 
40

 
46

 
56

Capitalized interest (allowed funds used during construction)
58

 
131

 
111

 
25

 
1

Earnings as adjusted
$
70,164

 
$
63,780

 
$
57,481

 
$
54,999

 
$
52,482

Fixed Charges
 
 
 
 
 
 
 
 
 
Portion of rents representative of interest factor
$
588

 
$
542

 
$
464

 
$
363

 
$
356

Interest on indebtedness
9,439

 
8,202

 
8,707

 
8,954

 
9,090

Amortization of debt discount and expense
42

 
33

 
40

 
46

 
56

Capitalized interest (allowed funds used during construction)
58

 
131

 
111

 
25

 
1

Fixed Charges
$
10,127

 
$
8,908

 
$
9,322

 
$
9,388

 
$
9,503

Ratio of Earnings to Fixed Charges
6.93

 
7.16

 
6.17

 
5.86

 
5.52