EX-12 4 exhibit12.htm EX-12 Exhibit 12


 
 
 
 
 
 
 
 
 
 
Exhibit 12

 
 
 
 
 
 
 
 
 
 
 
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2010 through 2014
(in thousands except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
  Pre-tax income from continuing operations
 
$
205,116

 
$
193,081

 
$
171,714

 
$
158,320

 
$
153,687

  Distributed income of equity investees
 
28,772

 
26,839

 
24,962

 
25,714

 
47,094

  Fixed charges
 
72,602

 
57,549

 
46,978

 
54,239

 
55,567

 
 
 
 
 
 
 
 
 
 
 
    Total Adjusted Earnings
 
$
306,490

 
$
277,469

 
$
243,654

 
$
238,273

 
$
256,348

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
  Interest
 
$
69,876

 
$
54,840

 
$
43,908

 
$
51,639

 
$
53,226

  Amortization of debt expense
 
1,171

 
1,029

 
1,401

 
1,063

 
647

  Amortization of loss - reacquired debt
 
238

 
238

 
238

 
99

 
—

  One-third of rental expense
 
1,317

 
1,442

 
1,431

 
1,438

 
1,694

 
 
 
 
 
 
 
 
 
 
 
      Total Fixed Charges
 
$
72,602

 
$
57,549

 
$
46,978

 
$
54,239

 
$
55,567

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.22

 
4.82

 
5.19

 
4.39

 
4.61