EXHIBIT 12.01
MOUNTAIN FUEL SUPPLY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
12 MONTHS
ENDED
YEAR ENDED DECEMBER 31, MARCH 31,
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1992 1993 1994 1995 1996 1997
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(DOLLARS IN THOUSANDS)
Earnings
Income before income taxes................. $30,846 $32,778 $31,255 $31,374 $42,434 $48,603
Plus debt expense.......................... 15,254 15,423 15,886 16,580 16,637 16,707
Plus allowance for borrowed funds used
during construction..................... 246 228 321 390 277 265
Plus interest portion of rental
expense................................. 83 126 204 430 187 170
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$46,429 $48,555 $47,666 $48,774 $59,535 $65,745
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Fixed Charges
Debt expense............................... $15,254 $15,423 $15,886 $16,580 $16,637 $16,707
Plus allowance for borrowed funds used
during construction..................... 246 228 321 390 277 265
Plus interest portion of rental
expense................................. 83 126 204 430 187 170
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$15,583 $15,777 $16,411 $17,400 $17,101 $17,142
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Ratio of Earnings to Fixed Charges(1)........ 2.98 3.08 2.90 2.80 3.48 3.84
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(1) For the purposes of this presentation, earnings represent income before
income taxes and fixed charges. Fixed charges consist of total interest
charges, amortization of debt issuance costs and losses from repurchasing
debt, and the interest portion of rental costs.