EX-12 4 g73788k5ex12.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, 1997 through 2001 (in thousands except ratio amounts)
2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Earnings: Pre-tax income from continuing operations $135,702 $139,520 $137,475 $135,367 $121,193 Distributed income of equity investees 9,470 4,255 - - 9,252 Fixed charges 47,793 44,368 37,978 38,415 39,263 -------- -------- -------- -------- -------- Total Adjusted Earnings $192,965 $188,143 $175,453 $173,782 $169,708 ======== ======== ======== ======== ======== Fixed Charges: Interest $ 45,286 $ 42,010 $ 35,911 $ 36,453 $ 36,949 Amortization of debt expense 420 465 323 304 346 One-third of rental expense 2,087 1,893 1,744 1,658 1,968 -------- -------- -------- -------- -------- Total Fixed Charges $ 47,793 $ 44,368 $ 37,978 $ 38,415 $ 39,263 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 4.04 4.24 4.62 4.52 4.32 ==== ==== ==== ==== ====