Cascade Natural Gas 10-K 2002 FY Annual report

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Exhibit 12

CASCADE NATURAL GAS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS

			Twelve Months Ended
			30-Sep-02		30-Sep-01		30-Sep-00		30-Sep-99		30-Sep-98
			(Dollars in thousands)
Fixed charges, as defined:
	Interest expense		$	12,384	$	10,509	$	10,936	$	10,486	10,132
	Amortization of debt issuance expense			652		607		607		603	605
		Total fixed charges	$	13,036	$	11,116	$	11,543	$	11,089	10,737
Earnings, as defined:
	Net income		$	10,762	$	17,236	$	15,374	$	14,053	9,544
	Add (deduct):
		Income taxes		5,781		9,278		9,051		8,075	5,694
		Fixed charges		13,036		11,116		11,543		11,089	10,737
		Total earnings	$	29,579	$	37,630	$	35,968	$	33,217	25,975
Ratio of earnings to fixed charges				2.27		3.39		3.12		3.00	2.42
Fixed charges and preferred dividend requirements:
	Fixed charges		$	13,036	$	11,116	$	11,543	$	11,089	10,737
	Preferred dividend requirements			—		—		6		756	778
		Total	$	13,036	$	11,116	$	11,549	$	11,845	11,515
Ratio of earnings to fixed charges and preferred dividend requirements				2.27		3.39		3.12		2.80	2.26

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Exhibit 12

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