National Fuel Gas (NFG) 10-Q 2011 Q3 Quarterly report

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, 2011			2010			2009			2008			2007
EARNINGS:
(Thousands of Dollars)
Income from Continuing Operations	$	253,438		$	219,133		$	103,484		$	266,907		$	201,248
Plus Income Tax Expense		162,982			137,227			52,859			167,672			131,291
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(94	)		(2,488	)		(1,562	)		(6,303	)		(4,979	)
Plus Distributions from Unconsolidated Subsidiaries		4,278			2,600			2,900			8,280			1,613
Plus Interest Expense on Long-Term Debt		77,946			87,190			79,419			70,099			68,446
Plus Other Interest Expense		5,525			6,756			7,370			3,271			4,155
Less Amortization of Loss on Reacquired Debt		(1,093	)		(1,093	)		(1,124	)		(1,156	)		(1,119	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		682			323			1,174			2,100			374
Plus (Less) Other Capitalized Interest		966			1,056			—			—			—
Plus Rentals (2)		1,729			1,707			1,867			2,229			2,685
	$	505,662		$	451,714		$	245,690		$	512,402		$	403,017
FIXED CHARGES:
(Thousands of Dollars)
Interest & Amortization of Premium and Discount of Funded Debt	$	77,946		$	87,190		$	79,419		$	70,099		$	68,446
Plus Other Interest Expense		5,525			6,756			7,370			3,271			4,155
Less Amortization of Loss on Reacquired Debt		(1,093	)		(1,093	)		(1,124	)		(1,156	)		(1,119	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		682			323			1,174			2,100			374
Plus (Less) Other Capitalized Interest		966			1,056			—			—			—
Plus Rentals (2)		1,729			1,707			1,867			2,229			2,685
	$	85,755		$	95,939		$	88,706		$	76,543		$	74,541
RATIO OF EARNINGS TO FIXED CHARGES		5.90			4.71			2.77			6.69			5.41

(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 2009 includes an impairment of an investment in a partnership of $1,804.