EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
For the Twelve Months Ended December 31, 2011 | Fiscal Year Ended September 30, | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from Continuing Operations | $ | 260,557 | $ | 258,402 | $ | 219,133 | $ | 103,484 | $ | 266,907 | ||||||||||
Plus Income Tax Expense | 167,054 | 164,381 | 137,227 | 52,859 | 167,672 | |||||||||||||||
Less Investment Tax Credit (1) | (668 | ) | (697 | ) | (697 | ) | (697 | ) | (697 | ) | ||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | (260 | ) | 759 | (2,488 | ) | (1,562 | ) | (6,303 | ) | |||||||||||
Plus Distributions from Unconsolidated Subsidiaries | 4,278 | 4,278 | 2,600 | 2,900 | 8,280 | |||||||||||||||
Plus Interest Expense on Long-Term Debt | 72,017 | 73,567 | 87,190 | 79,419 | 70,099 | |||||||||||||||
Plus Other Interest Expense | 3,923 | 4,554 | 6,756 | 7,370 | 3,271 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,093 | ) | (1,093 | ) | (1,093 | ) | (1,124 | ) | (1,156 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 1,258 | 1,037 | 323 | 1,174 | 2,100 | |||||||||||||||
Plus (Less) Other Capitalized Interest | 1,867 | 1,516 | 1,056 | |||||||||||||||||
Plus Rentals (2) | 1,798 | 1,875 | 1,707 | 1,867 | 2,229 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 510,731 | $ | 508,579 | $ | 451,714 | $ | 245,690 | $ | 512,402 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 72,017 | $ | 73,567 | $ | 87,190 | $ | 79,419 | $ | 70,099 | ||||||||||
Plus Other Interest Expense | 3,923 | 4,554 | 6,756 | 7,370 | 3,271 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (1,093 | ) | (1,093 | ) | (1,093 | ) | (1,124 | ) | (1,156 | ) | ||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 1,258 | 1,037 | 323 | 1,174 | 2,100 | |||||||||||||||
Plus (Less) Other Capitalized Interest | 1,867 | 1,516 | 1,056 | |||||||||||||||||
Plus Rentals (2) | 1,798 | 1,875 | 1,707 | 1,867 | 2,229 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 79,770 | $ | 81,456 | $ | 95,939 | $ | 88,706 | $ | 76,543 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 6.40 | 6.24 | 4.71 | 2.77 | 6.69 |
(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. |