COMPUTATION OF RATIO OF EXHIBIT 12 EARNINGS TO FIXED CHARGES UNAUDITED Fiscal Year Ended September 30 ----------------------------------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------------------------- EARNINGS: Income Before Cumulative Effect of Changes in Accounting $187,836 $117,682 $ 65,499 $127,207 $115,037 Plus Minority Interest in Foreign Subsidiaries 785 730 1,342 1,384 1,616 Plus Income Tax Expense 128,161 72,034 37,106 77,068 64,829 Less Investment Tax Credit (1) (693) (702) (353) (1,051) (729) (Less) Plus (Income) Loss from Unconsolidated Subsidiaries (3) (535) 14,943 (1,794) (1,669) (999) Plus Distributions from Unconsolidated Subsidiaries 1,238 585 595 229 - Plus Interest Expense on Long-Term Debt 92,766 90,543 81,851 67,195 65,402 Plus Other Interest Expense 12,290 15,109 25,294 32,890 22,296 Less Amortization of Loss on Reacquired Debt (2,078) (1,927) (1,927) (1,979) (1,839) Plus (Less) Allowance for Borrowed Funds Used In Construction (102) 446 438 424 303 Plus Rentals (2) 4,573 4,906 4,893 4,561 4,281 ----------------------------------------------------------------------------------------------------- $424,241 $314,349 $212,944 $306,259 $270,197 ===================================================================================================== FIXED CHARGES: Interest & Amortization of Premium and Discount of Funded Debt $ 92,766 $ 90,543 $ 81,851 $ 67,195 $ 65,402 Plus Other Interest Expense 12,290 15,109 25,294 32,890 22,296 Less Amortization of Loss on Reacquired Debt (2,078) (1,927) (1,927) (1,979) (1,839) Plus (Less) Allowance for Borrowed Funds Used in Construction (102) 446 438 424 303 Plus Rentals (2) 4,573 4,906 4,893 4,561 4,281 ----------------------------------------------------------------------------------------------------- $107,449 $109,077 $110,549 $103,091 $ 90,443 ===================================================================================================== RATIO OF EARNINGS TO FIXED CHARGES 3.95 2.88 1.93 2.97 2.99 (1) Investment Tax Credit is included in Other Income. (2) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. (3) Fiscal 2002 includes the Impairment of Investment in Partnership of $15,167.
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10-K Filing
National Fuel Gas (NFG) 10-K2003 FY Annual report
Filed: 29 Dec 03, 12:00am