NiSource (NI) 10-K2014 FY Annual report

Filed: 18 Feb 15, 12:00am

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Exhibit 12

NiSource Inc.

Ratio of Earnings to Fixed Charges



	December 31, 2014		December 31, 2013		December 31, 2012		December 31, 2011		December 31, 2010
Earnings as defined in item 503(d) of Regulation S-K:
Add:
Pretax income from continuing operations^(a)(b)	$	795,253,114	$	717,408,149	$	591,799,194	$	461,481,646	$	398,976,380
Fixed Charges	491,592,837		459,212,080		453,457,181		424,873,958		442,730,583
Amortization of capitalized interest^(c)	—		—		—		—		—
Distributed income of equity investees	37,910,964		32,243,416		34,850,000		18,800,143		36,741,190
Share of pre-tax losses of equity investees for which charges arising guarantees are included in fixed charges	—		—		—		—		—
Deduct:
Interest capitalized ^(c)	—		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries^(d)	—		—		—		—		—
Non-Controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges	—		—		—		—		(11,762		)
	$	1,324,756,915	$	1,208,863,645	$	1,080,106,375	$	905,155,747	$	878,459,915

Fixed charges as defined in item 503(d) of Regulation S-K:
Interest on long-term debt	$	433,004,301	$	408,487,642	$	398,233,583	$	362,913,295	$	390,690,947
Other interest	25,526,375		22,574,170		28,541,916		35,399,618		22,851,904
Capitalized interest during period ^(c)
Amortization of premium, reacquisition premium, discount and expense on debt, net	9,967,085		9,395,881		9,699,158		8,941,809		10,287,487
Interest portion of rent expense	23,095,076		18,754,387		16,982,524		17,619,236		18,912,006
Non-controlling interest	—		—		—		—		(11,762		)
	$	491,592,837	$	459,212,080	$	453,457,181	$	424,873,958	$	442,730,583

Plus preferred stock dividends: Preferred dividend requirements of subsidiary	$	—	$	—	$	—	$	—	$	—
Preferred dividend requirements factor	0.63		0.65		0.66		0.65		0.68
Preference security dividend requirements of consolidated subsidiaries ^(d)	—		—		—		—		—
Fixed charges	491,592,837		459,212,080		453,457,181		424,873,958		442,730,583
	$	491,592,837	$	459,212,080	$	453,457,181	$	424,873,958	$	442,730,583

Ratio of earnings to fixed charges	2.69		2.63		2.38		2.13		1.98

^(a) Income Statement amounts have been adjusted for discontinued operations.

^(b) Excludes adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees.

^(c) NiSource is a public utility following ASC 980 and therefore does not add amortization of capitalized interest or subtract interest capitalized in determining earnings, nor reduces fixed charges for Allowance for Funds Used During Construction.

^(d)Preferred dividends, as defined by SEC regulation S-K, are computed by dividing the preferred dividend requirement by one minus the effective income tax rate applicable to continuing operations.