EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
For the Twelve Months Ended September 30, 2012 | Fiscal Year Ended September 30, | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from Continuing Operations | $ | 220,077 | $ | 258,402 | $ | 219,133 | $ | 103,484 | $ | 266,907 | ||||||||||
Plus Income Tax Expense | 150,554 | 164,381 | 137,227 | 52,859 | 167,672 | |||||||||||||||
Less Investment Tax Credit (1) | (581 | ) | (697 | ) | (697 | ) | (697 | ) | (697 | ) | ||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3) | 1,442 | 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 | 82,002 | 73,567 | 87,190 | 79,419 | 70,099 | |||||||||||||||
Plus Other Interest Expense | 4,238 | 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 | 1,231 | 1,037 | 323 | 1,174 | 2,100 | |||||||||||||||
Plus (Less) Other Capitalized Interest | 2,992 | 1,516 | 1,056 | — | — | |||||||||||||||
Plus Rentals (2) | 12,958 | 5,003 | 1,707 | 1,867 | 2,229 | |||||||||||||||
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$ | 473,820 | $ | 511,707 | $ | 451,714 | $ | 245,690 | $ | 512,402 | |||||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 82,002 | $ | 73,567 | $ | 87,190 | $ | 79,419 | $ | 70,099 | ||||||||||
Plus Other Interest Expense | 4,238 | 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 | 1,231 | 1,037 | 323 | 1,174 | 2,100 | |||||||||||||||
Plus (Less) Other Capitalized Interest | 2,992 | 1,516 | 1,056 | — | — | |||||||||||||||
Plus Rentals (2) | 12,958 | 5,003 | 1,707 | 1,867 | 2,229 | |||||||||||||||
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$ | 102,328 | $ | 84,584 | $ | 95,939 | $ | 88,706 | $ | 76,543 | |||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 4.63 | 6.05 | 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.