Exhibit 12.1
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2009 through 2013
For Six Months Ended April 30, 2014 and 2013
(in thousands except ratio amounts)
| For Six Months Ended | For Fiscal Years Ended October 31, | |||||||||||||||||||||||||||
| April 30, 2014 | April 30, 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax income from continuing operations | $ | 239,722 | $ | 213,656 | $ | 193,081 | $ | 171,714 | $ | 158,320 | $ | 153,687 | $ | 169,502 | ||||||||||||||
Distributed income of equity investees | 24,413 | 21,698 | 26,839 | 24,962 | 25,714 | 47,094 | 23,986 | |||||||||||||||||||||
Fixed charges | 34,770 | 26,802 | 57,549 | 46,978 | 54,239 | 55,567 | 51,156 | |||||||||||||||||||||
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Total Adjusted Earnings | $ | 298,905 | $ | 262,156 | $ | 277,469 | $ | 243,654 | $ | 238,273 | $ | 256,348 | $ | 244,644 | ||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest | $ | 33,425 | $ | 25,516 | $ | 54,840 | $ | 43,908 | $ | 238,273 | $ | 53,226 | $ | 48,433 | ||||||||||||||
Amortization of debt expense | 582 | 502 | 1,029 | 1,401 | 1,063 | 647 | 789 | |||||||||||||||||||||
Amortization of loss – reacquired debt | 119 | 119 | 238 | 238 | 99 | — | — | |||||||||||||||||||||
One-third of rental expense | 644 | 665 | 1,442 | 1,431 | 1,438 | 1,694 | 1,934 | |||||||||||||||||||||
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Total Fixed Charges | $ | 34,770 | $ | 26,802 | $ | 57,549 | $ | 46,978 | $ | 54,239 | $ | 55,567 | $ | 51,156 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 8.60 | 9.78 | 4.82 | 5.19 | 4.39 | 4.61 | 4.78 | |||||||||||||||||||||
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