Cascade Natural Gas 10-K 2003 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-03		30-Sep-02		30-Sep-01		30-Sep-00		30-Sep-99
	(dollars in thousands)
Fixed charges, as defined:
Interest expense	$	12,363	$	12,384	$	10,509	$	10,936	$	10,486
Amortization of debt issuance expense	696		652		607		607		603
Total fixed charges	$	13,059	$	13,036	$	11,116	$	11,543	$	11,089
Earnings, as defined:
Net income	$	9,104	$	10,762	$	17,236	$	15,374	$	14,053
Add (deduct):
Income taxes	4,733		5,781		9,278		9,051		8,075
Fixed charges	13,059		13,036		11,116		11,543		11,089
Total earnings	$	26,896	$	29,579	$	37,630	$	35,968	$	33,217
Ratio of earnings to fixed charges	2.06		2.27		3.39		3.12		3.00
Fixed charges and preferred dividend requirements:
Fixed charges	$	13,059	$	13,036	$	11,116	$	11,543	$	11,089
Preferred dividend requirements	—		—		—		6		756
Total	$	13,059	$	13,036	$	11,116	$	11,549	$	11,845
Ratio of earnings to fixed charges and preferred dividend requirements	2.06		2.27		3.39		3.12		2.80