Piedmont Natural Gas (PNY) 10-K 2014 FY Annual report

									Exhibit 12
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2010 through 2014
(in thousands except ratio amounts)
	2014		2013		2012		2011		2010
Earnings:
Pre-tax income from continuing operations	$	205,116	$	193,081	$	171,714	$	158,320	$	153,687
Distributed income of equity investees	28,772		26,839		24,962		25,714		47,094
Fixed charges	72,602		57,549		46,978		54,239		55,567
Total Adjusted Earnings	$	306,490	$	277,469	$	243,654	$	238,273	$	256,348
Fixed Charges:
Interest	$	69,876	$	54,840	$	43,908	$	51,639	$	53,226
Amortization of debt expense	1,171		1,029		1,401		1,063		647
Amortization of loss - reacquired debt	238		238		238		99		—
One-third of rental expense	1,317		1,442		1,431		1,438		1,694
Total Fixed Charges	$	72,602	$	57,549	$	46,978	$	54,239	$	55,567
Ratio of Earnings to Fixed Charges	4.22		4.82		5.19		4.39		4.61