Exhibit 12
AGL Resources Inc.
Statement Setting Forth Ratio of Earnings to Fixed Charges
Three months ended | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | |||||||||||||||||||
| Dollars in millions | March 31, 2014(1) | 2013(1) | 2012(1) | 2011(1) | 2010(2) | 2009(2) | ||||||||||||||||||
| Earnings before income taxes | $ | 549 | $ | 485 | $ | 431 | $ | 300 | $ | 390 | $ | 384 | ||||||||||||
| Add: | ||||||||||||||||||||||||
| Fixed charges (see “B” below) | 49 | 189 | 202 | 146 | 123 | 115 | ||||||||||||||||||
Amortization of capitalized interest (3) | - | - | - | 1 | - | - | ||||||||||||||||||
| Distributed income of equity investees | 2 | 3 | 14 | - | - | - | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||
Interest capitalized (3) | - | - | (1 | ) | (1 | ) | (5 | ) | (3 | ) | ||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (12 | ) | (18 | ) | (15 | ) | (14 | ) | (16 | ) | (27 | ) | ||||||||||||
| Adjusted earnings (A) | $ | 588 | $ | 659 | $ | 631 | $ | 432 | $ | 492 | $ | 469 | ||||||||||||
| Fixed charges | ||||||||||||||||||||||||
| Interest on long-term debt | $ | 46 | $ | 182 | $ | 177 | $ | 101 | $ | 109 | $ | 98 | ||||||||||||
| Other interest, including amortized premiums, discounts and capitalized expenses related to indebtedness liability | - | (5 | ) | 12 | 38 | 7 | 10 | |||||||||||||||||
| Estimated interest components of rentals | 3 | 12 | 13 | 7 | 7 | 7 | ||||||||||||||||||
| Total fixed charges (B) | $ | 49 | $ | 189 | $ | 202 | $ | 146 | $ | 123 | $ | 115 | ||||||||||||
| Ratio of earnings to fixed charges (A)/(B) | 12.00 | 3.49 | 3.12 | 2.96 | 4.00 | 4.08 | ||||||||||||||||||
| (1) | Amounts revised for prior period adjustments. See Note 15 to our Consolidated Financial Statements under Part II of our 2013 10-K/A for additional information. |
| (2) | Does not reflect adjustments, as discussed in Note 15 to our Consolidated Financial Statements under Part II of our 2013 10-K/A, as they were insignificant to these years. |
| (3) | Includes interest capitalized and related amortization for our nonregulated segments. |