NATIONAL FUEL GASCOMPANY
COMPUTATION OFRATIO OF
EARNINGS TO FIXEDCHARGES
UNAUDITED
For theNine | Fiscal Year Ended September 30, | ||||||||||||||||||
Months Ended | |||||||||||||||||||
June 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||
EARNINGS: | |||||||||||||||||||
Income from Continuing Operations | $ | 225,463 | $ | 201,675 | $ | 184,614 | $ | 138,437 | $ | 141,920 | $ | 256,076 | |||||||
Plus Income Tax Expense | 143,465 | 131,813 | 108,245 | 85,621 | 89,820 | 116,795 | |||||||||||||
Less Investment Tax Credit (1) | (523 | ) | (697 | ) | (697 | ) | (697 | ) | (697 | ) | (693 | ) | |||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | (4,866 | ) | (4,979 | ) | (3,583 | ) | 796 | (805 | ) | (535 | ) | ||||||||
Plus Distributions from Unconsolidated Subsidiaries | 6,206 | 1,613 | 4,651 | 1,990 | 785 | 1,238 | |||||||||||||
Plus Interest Expense on Long-Term Debt | 52,045 | 68,446 | 72,629 | 73,244 | 82,989 | 91,381 | |||||||||||||
Plus Other Interest Expense | 4,209 | 6,029 | 5,952 | 9,069 | 6,354 | 11,010 | |||||||||||||
Less Amortization of Loss on Reacquired Debt | (836 | ) | (1,119 | ) | (1,118 | ) | (1,066 | ) | (1,350 | ) | (2,078 | ) | |||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 1,127 | 374 | 296 | 201 | 298 | (102 | ) | ||||||||||||
Plus Rentals (2) | 1,727 | 2,685 | 2,810 | 3,554 | 4,286 | 4,573 | |||||||||||||
$ | 428,017 | $ | 405,840 | $ | 373,799 | $ | 311,149 | $ | 323,600 | $ | 477,665 | ||||||||
FIXED CHARGES: | |||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 52,045 | $ | 68,446 | $ | 72,629 | $ | 73,244 | $ | 82,989 | $ | 91,381 | |||||||
Plus Other Interest Expense | 4,209 | 6,029 | 5,952 | 9,069 | 6,354 | 11,010 | |||||||||||||
Less Amortization of Loss on Reacquired Debt | (836 | ) | (1,119 | ) | (1,118 | ) | (1,066 | ) | (1,350 | ) | (2,078 | ) | |||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 1,127 | 374 | 296 | 201 | 298 | (102 | ) | ||||||||||||
Plus Rentals (2) | 1,727 | 2,685 | 2,810 | 3,554 | 4,286 | 4,573 | |||||||||||||
$ | 58,272 | $ | 76,415 | $ | 80,569 | $ | 85,002 | $ | 92,577 | $ | 104,784 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 7.35 | 5.31 | 4.64 | 3.66 | 3.50 | 4.56 |
(1)Investment Tax Credit isincluded in OtherIncome
(2)Rentals shown aboverepresent theportion of all rentals (other than delayrentals)deemedrepresentative of theinterest factor.
(3) Fiscal 2005includes theImpairment ofInvestment inPartnership of $4,158.