National Fuel Gas (NFG) 10-Q 2012 Q2 Quarterly report

EXHIBIT 12

NATIONAL FUEL GAS COMPANY

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

UNAUDITED

	For the Twelve Months Ended March 31, 2012			Fiscal Year Ended September 30,
				2011			2010			2009			2008
EARNINGS:
Income from Continuing Operations	$	212,338		$	258,402		$	219,133		$	103,484		$	266,907
Plus Income Tax Expense		139,792			164,381			137,227			52,859			167,672
Less Investment Tax Credit (1)		(639	)		(697	)		(697	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		294			759			(2,488	)		(1,562	)		(6,303	)
Plus Distributions from Unconsolidated Subsidiaries		—			4,278			2,600			2,900			8,280
Plus Interest Expense on Long-Term Debt		74,516			73,567			87,190			79,419			70,099
Plus Other Interest Expense		3,723			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		1,191			1,037			323			1,174			2,100
Plus (Less) Other Capitalized Interest		3,069			1,516			1,056
Plus Rentals (2)		1,889			1,875			1,707			1,867			2,229
	$	435,080		$	508,579		$	451,714		$	245,690		$	512,402
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	74,516		$	73,567		$	87,190		$	79,419		$	70,099
Plus Other Interest Expense		3,723			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		1,191			1,037			323			1,174			2,100
Plus (Less) Other Capitalized Interest		3,069			1,516			1,056
Plus Rentals (2)		1,889			1,875			1,707			1,867			2,229
	$	83,295		$	81,456		$	95,939		$	88,706		$	76,543
RATIO OF EARNINGS TO FIXED CHARGES		5.22			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.