Piedmont Natural Gas (PNY) 10-Q 2003 Q2 Quarterly report

Exhibit 12

Piedmont Natural Gas Company, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 1998 through 2002
and Twelve Months Ended July 31, 2003
(in thousands except ratio amounts)

			July 31,
			2003		2002		2001		2000		1999		1998
Earnings:
	Pre-tax income from continuing operations		$	94,487	$	82,091	$	90,683	$	99,199	$	103,077	$	100,938
	Distributed income of equity investees			11,039		22,143		9,885		4,255		—		—
	Fixed charges			42,448		44,251		47,793		44,368		37,978		38,415
		Total Adjusted Earnings	$	147,974	$	148,485	$	148,361	$	147,822	$	141,055	$	139,353
Fixed Charges:
	Interest		$	40,909	$	42,250	$	45,286	$	42,010	$	35,911	$	36,453
	Amortization of debt expense			374		366		420		465		323		304
	One-third of rental expense			1,165		1,635		2,087		1,893		1,744		1,658
		Total Fixed Charges	$	42,448	$	44,251	$	47,793	$	44,368	$	37,978	$	38,415
Ratio of Earnings to Fixed Charges				3.49		3.36		3.10		3.33		3.71		3.63