Exhibit 12.1
Piedmont Natural Gas Company, Inc.
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2012 through 2016
(In millions except ratio amounts) |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Earnings as defined for fixed charges calculation |
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Add: |
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Pre-tax income from continuing operations |
| $ | 288.9 |
| $ | 192.8 |
| $ | 205.9 |
| $ | 194.3 |
| $ | 174.1 |
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Fixed charges |
| 84.4 |
| 81.3 |
| 72.6 |
| 59.8 |
| 49.2 |
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Distributed income of equity investees |
| 25.8 |
| 24.9 |
| 24.8 |
| 22.1 |
| 19.5 |
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Total earnings |
| $ | 399.1 |
| $ | 299.0 |
| $ | 303.3 |
| $ | 276.2 |
| $ | 242.8 |
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Fixed charges: |
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Interest on debt |
| $ | 83.1 |
| $ | 79.9 |
| $ | 71.3 |
| $ | 58.3 |
| $ | 47.8 |
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Estimate of interest within rental expense |
| 1.3 |
| 1.4 |
| 1.3 |
| 1.5 |
| 1.4 |
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Total fixed charges |
| $ | 84.4 |
| $ | 81.3 |
| $ | 72.6 |
| $ | 59.8 |
| $ | 49.2 |
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Ratio of earnings to fixed charges |
| 4.73 |
| 3.68 |
| 4.18 |
| 4.62 |
| 4.93 |
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