Cascade Natural Gas 10-K 2004 FY Annual report

EXHIBIT 12

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

	Twelve Months Ended
	30-Sep-04		30-Sep-03		30-Sep-02		30-Sep-01		30-Sep-00
			(dollars in thousands)
Fixed charges, as defined:
Interest expense	$	12,375	$	12,363	$	12,384	$	10,509	$	10,936
Amortization of debt issuance expense	618		696		652		607		607
Total fixed charges	$	12,993	$	13,059	$	13,036	$	11,116	$	11,543
Earnings, as defined:
Net income	$	13,302	$	9,104	$	10,762	$	17,236	$	15,374
Add (deduct):
Income taxes	7,559		4,733		5,781		9,278		9,051
Fixed charges	12,993		13,059		13,036		11,116		11,543
Total earnings	$	33,854	$	26,896	$	29,579	$	37,630	$	35,968
Ratio of earnings to fixed charges	2.61		2.06		2.27		3.39		3.12
Fixed charges and preferred dividend requirements:
Fixed charges	$	12,993	$	13,059	$	13,036	$	11,116	$	11,543
Preferred dividend requirements	—		—		—		—		6
Total	$	12,993	$	13,059	$	13,036	$	11,116	$	11,549
Ratio of earnings to fixed charges and preferred dividend requirements	2.61		2.06		2.27		3.39		3.12