Cascade Natural Gas 10-Q 2002 Q1 Quarterly report

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EXHIBIT 12

CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS

				Twelve Months Ended
				31-Dec-01		30-Sep-01	30-Sep-00	30-Sep-99	30-Sep-98	30-Sep-97
				(dollars in thousands)
Fixed charges, as defined:
	Interest expense			$	10,550	10,509	10,936	10,486	10,132	9,436
	Amortization of debt issuance expense				614	607	607	603	605	612
			Total fixed charges	$	11,164	11,116	11,543	11,089	10,737	10,048
Earnings, as defined:
	Net income			$	15,085	17,236	15,374	14,053	9,544	10,627
	Add (deduct):
		Income taxes			8,041	9,278	9,051	8,075	5,694	6,263
		Fixed charges			11,164	11,116	11,543	11,089	10,737	10,048
			Total earnings	$	34,290	37,630	35,968	33,217	25,975	26,938
Ratio of earnings to fixed charges					3.07	3.39	3.12	3.00	2.42	2.68
Fixed charges and preferred dividend requirements:
	Fixed charges			$	11,164	11,116	11,543	11,089	10,737	10,048
	Preferred dividend requirements				—	—	6	756	778	811
			Total	$	11,164	11,116	11,549	11,845	11,515	10,859
Ratio of earnings to fixed charges and preferred dividend requirements					3.07	3.39	3.12	2.80	2.26	2.48

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EXHIBIT 12

CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS