Atmos Energy (ATO) 10-K 2015 FY Annual report

Exhibit 12

Atmos Energy Corporation

Computation of Earnings to Fixed Charges

	Year Ended September 30
	2015		2014		2013		2012		2011
	(Dollars in thousands)
Income from continuing operations before provision for income taxes per statement of income	$	510,765	$	476,819	$	373,297	$	290,422	$	296,407
Add:
Portion of rents representative of the interest factor	12,383		12,231		12,442		12,623		13,229
Interest on debt & amortization of debt expense	116,241		129,295		128,385		141,174		150,763
Income as adjusted	$	639,389	$	618,345	$	514,124	$	444,219	$	460,399
Fixed charges:
Interest on debt & amortization of debt expense (1)	$	116,241	$	129,295	$	128,385	$	141,174	$	150,763
Capitalized interest (2)	2,260		1,522		1,895		2,642		1,690
Rents	37,150		36,693		37,326		37,868		39,686
Portion of rents representative of the interest factor (3)	12,383		12,231		12,442		12,623		13,229
Fixed charges (1)+(2)+(3)	$	130,884	$	143,048	$	142,722	$	156,439	$	165,682
Ratio of earnings to fixed charges	4.89		4.32		3.60		2.84		2.78