EX-12 8 exh12.txt COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS EXHIBIT 12 DELTA NATURAL GAS COMPANY, INC. AND SUBSIDIARY COMPANIES COMPUTATION OF THE CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended June 30, ---------------------------- 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Earnings: Net Income $ 3,636,713 $ 3,635,895 $ 3,464,857 $ 2,150,794 $ 2,451,272 Provisions for income taxes 2,249,500 2,232,500 2,068,500 1,239,100 1,401,000 Fixed charges 4,781,757 5,116,965 4,754,731 4,534,936 4,348,498 ----------- ------------ ----------- ----------- ----------- Total $10,667,970 $ 10,985,360 $10,288,088 $ 7,924,830 $ 8,200,770 =========== ============ =========== =========== =========== Fixed Charges: Interest on debt $ 4,620,597 $ 4,955,805 $ 4,593,571 $ 4,373,776 $ 4,223,946 Amortization of debt expense 161,160 161,160 161,160 161,160 124,552 ----------- ------------ ----------- ----------- ----------- $ 4,781,757 $ 5,116,965 $ 4,754,731 $ 4,534,936 $ 4,348,498 =========== =========== =========== =========== =========== Ratio of Earnings to Fixed Charges: Actual 2.23x 2.15x 2.16x 1.75x 1.89x Pro Forma: Actual fixed charges 4,781,757 Pro forma interest on debt to be sold, assuming a rate of 7.25% 1,450,000 Actual interest on debt to be retired (1,338,618) Pro forma fixed charges 4,893,139 Pro forma ratio of earnings to fixed charges 2.20x