QuickLinks -- Click here to rapidly navigate through this documentExhibit 12.
Questar Corporation
Ratio of Earnings to Fixed Charges
| | 12 Months Ended
December 31,
| |
|---|
| | 2004
| | 2003
| |
|---|
| | (in thousands)
| |
|---|
| Earnings | | | | | | | |
| Income before income taxes and cumulative effect of accounting change | | $ | 358,881 | | $ | 281,759 | |
| Less company's share of earnings of equity investees | | | (5,125 | ) | | (5,008 | ) |
| Plus distributions from equity investees | | | 8,290 | | | 6,982 | |
| Plus minority interest income | | | 270 | | | | |
| Less minority interest loss | | | | | | (222 | ) |
| Plus debt expense | | | 68,429 | | | 70,736 | |
| Plus allowance for borrowed funds used | | | | | | | |
| during construction | | | 224 | | | 126 | |
| Plus interest portion of rental expense | | | 2,608 | | | 2,580 | |
| | |
| |
| |
| | | $ | 433,577 | | $ | 356,953 | |
| | |
| |
| |
| Fixed Charges | | | | | | | |
| Debt expense | | $ | 68,429 | | $ | 70,736 | |
| Plus allowance for borrowed funds used | | | | | | | |
| during construction | | | 224 | | | 126 | |
| Plus interest portion of rental expense | | | 2,608 | | | 2,580 | |
| | |
| |
| |
| | | $ | 71,261 | | $ | 73,442 | |
| | |
| |
| |
| Ratio of Earnings to Fixed Charges | | | 6.08 | | | 4.86 | |
For purposes of this presentation, earnings represent income before income taxes and cumulative effect of accounting change adjusted for fixed charges, earnings and distributions of equity investees and equity in minority interest. Fixed charges consist of total interest charges (expensed and capitalized), amortization of debt issuance costs, and the interest portion of rental expense estimated at 50%. Income before income taxes and cumulative effect of accounting change includes Questar's share of pretax earnings of equity investees.
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Questar Corporation Ratio of Earnings to Fixed Charges
