Exhibit 12
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2004 through 2008
(in thousands except ratio amounts)
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2004 through 2008
(in thousands except ratio amounts)
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Pre-tax income from continuing operations | $ | 148,750 | $ | 123,547 | $ | 122,525 | $ | 131,235 | $ | 123,894 | ||||||||||
| Distributed income of equity investees | 34,158 | 28,228 | 57,410 | 24,344 | 26,291 | |||||||||||||||
| Fixed charges | 65,241 | 63,350 | 58,445 | 49,709 | 52,436 | |||||||||||||||
| Preferred security dividend, net of tax | — | — | — | — | (1,379 | ) | ||||||||||||||
| Total Adjusted Earnings | $ | 248,149 | $ | 215,125 | $ | 238,380 | $ | 205,288 | $ | 201,242 | ||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest | $ | 62,763 | $ | 60,530 | $ | 55,959 | $ | 47,336 | $ | 48,973 | ||||||||||
| Amortization of debt expense | 773 | 746 | 561 | 439 | 429 | |||||||||||||||
| One-third of rental expense | 1,705 | 2,074 | 1,925 | 1,934 | 1,655 | |||||||||||||||
| Preferred security dividend, net of tax | — | — | — | — | 1,379 | |||||||||||||||
| Total Fixed Charges | $ | 65,241 | $ | 63,350 | $ | 58,445 | $ | 49,709 | $ | 52,436 | ||||||||||
| Ratio of Earnings to Fixed Charges | 3.80 | 3.40 | 4.08 | 4.13 | 3.84 | |||||||||||||||