EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
|
| | | | | | | | | | | | | | | |
| | For the Twelve Months Ended | Fiscal Year Ended September 30, |
| | | | | |
| | June 30, 2014 | 2013 | 2012 | 2011 | 2010 |
| | | | | | |
| EARNINGS: | | | | | |
| Income from Continuing Operations | $ | 289,825 |
| $ | 260,001 |
| $ | 220,077 |
| $ | 258,402 |
| $ | 219,133 |
|
| Plus Income Tax Expense | 190,962 |
| 172,758 |
| 150,554 |
| 164,381 |
| 137,227 |
|
| Less Investment Tax Credit (1) | (432 | ) | (426 | ) | (581 | ) | (697 | ) | (697 | ) |
| (Less Income) Plus Loss from Unconsolidated Subsidiaries | (223 | ) | 204 |
| 1,442 |
| 759 |
| (2,488 | ) |
| Plus Distributions from Unconsolidated Subsidiaries | — |
| — |
| — |
| 4,278 |
| 2,600 |
|
| Plus Interest Expense on Long-Term Debt | 90,809 |
| 90,273 |
| 82,002 |
| 73,567 |
| 87,190 |
|
| Plus Other Interest Expense | 4,401 |
| 3,838 |
| 4,238 |
| 4,554 |
| 6,756 |
|
| Less Amortization of Loss on Reacquired Debt | (529 | ) | (721 | ) | (1,093 | ) | (1,093 | ) | (1,093 | ) |
| Plus (Less) Allowance for Borrowed Funds Used in Construction | 577 |
| 827 |
| 1,231 |
| 1,037 |
| 323 |
|
| Plus (Less) Other Capitalized Interest | 2,997 |
| 1,801 |
| 2,992 |
| 1,516 |
| 1,056 |
|
| Plus Rentals (2) | 13,941 |
| 14,204 |
| 12,958 |
| 5,003 |
| 1,707 |
|
| | | | | | |
| | $ | 592,328 |
| $ | 542,759 |
| $ | 473,820 |
| $ | 511,707 |
| $ | 451,714 |
|
| FIXED CHARGES: | | | | | |
| Interest & Amortization of Premium and Discount of Funded Debt | $ | 90,809 |
| $ | 90,273 |
| $ | 82,002 |
| $ | 73,567 |
| $ | 87,190 |
|
| Plus Other Interest Expense | 4,401 |
| 3,838 |
| 4,238 |
| 4,554 |
| 6,756 |
|
| Less Amortization of Loss on Reacquired Debt | (529 | ) | (721 | ) | (1,093 | ) | (1,093 | ) | (1,093 | ) |
| Plus (Less) Allowance for Borrowed Funds Used in Construction | 577 |
| 827 |
| 1,231 |
| 1,037 |
| 323 |
|
| Plus (Less) Other Capitalized Interest | 2,997 |
| 1,801 |
| 2,992 |
| 1,516 |
| 1,056 |
|
| Plus Rentals (2) | 13,941 |
| 14,204 |
| 12,958 |
| 5,003 |
| 1,707 |
|
| | | | | | |
| | $ | 112,196 |
| $ | 110,222 |
| $ | 102,328 |
| $ | 84,584 |
| $ | 95,939 |
|
| RATIO OF EARNINGS TO FIXED CHARGES | 5.28 |
| 4.92 |
| 4.63 |
| 6.05 |
| 4.71 |
|
| |
| (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. |
