EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
Fiscal Year Ended September 30, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from Continuing Operations | $ | 268,728 | $ | 201,675 | $ | 184,614 | $ | 138,437 | $ | 141,920 | ||||||||||
Plus Income Tax Expense | 167,922 | 131,813 | 108,245 | 85,621 | 89,820 | |||||||||||||||
Less Investment Tax Credit (1) | (697 | ) | (697 | ) | (697 | ) | (697 | ) | (697 | ) | ||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | (6,303 | ) | (4,979 | ) | (3,583 | ) | 796 | (805 | ) | |||||||||||
Plus Distributions from Unconsolidated Subsidiaries | 8,280 | 1,613 | 4,651 | 1,990 | 785 | |||||||||||||||
Plus Interest Expense on Long-Term Debt | 70,099 | 68,446 | 72,629 | 73,244 | 82,989 | |||||||||||||||
Plus Other Interest Expense | 3,870 | 6,029 | 5,952 | 9,069 | 6,354 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,156 | ) | (1,119 | ) | (1,118 | ) | (1,066 | ) | (1,350 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 2,100 | 374 | 296 | 201 | 298 | |||||||||||||||
Plus Rentals (2) | 2,229 | 2,685 | 2,810 | 3,554 | 4,286 | |||||||||||||||
$ | 515,072 | $ | 405,840 | $ | 373,799 | $ | 311,149 | $ | 323,600 | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 70,099 | $ | 68,446 | $ | 72,629 | $ | 73,244 | $ | 82,989 | ||||||||||
Plus Other Interest Expense | 3,870 | 6,029 | 5,952 | 9,069 | 6,354 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,156 | ) | (1,119 | ) | (1,118 | ) | (1,066 | ) | (1,350 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 2,100 | 374 | 296 | 201 | 298 | |||||||||||||||
Plus Rentals (2) | 2,229 | 2,685 | 2,810 | 3,554 | 4,286 | |||||||||||||||
$ | 77,142 | $ | 76,415 | $ | 80,569 | $ | 85,002 | $ | 92,577 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 6.68 | 5.31 | 4.64 | 3.66 | 3.50 |
(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 2005 includes the Impairment of Investment in Partnership of $4,158. |