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Exhibit 12
THE COLUMBIA GAS SYSTEM, INC., AND SUBSIDIARIES
Statements of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
($ in millions)
Twelve Months
Ended December 31,
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1994 1993 1992 1991 1990
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Consolidated Income (Loss) from Continuing Operations
before Income Taxes and Extraordinary Charges . . . . . . . . 392.2 288.1 161.4 (1,205.8) 162.6
Adjustments:
Interest during construction . . . . . . . . . . . . . . . - - - (3.4) (10.0)
Distributed (Undistributed) equity income . . . . . . . . (0.9) (0.1) (0.1) (2.4) 2.9
Fixed charges . . . . . . . . . . . . . . . . . . . . . . 14.8 101.5 13.7 139.9 182.5
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Earnings Available . . . . . . . . . . . . . . . . . 406.1 389.5 175.0 (1,071.7) 338.0
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Fixed Charges:
Interest on long-term and short-term debt . . . . . . . . 0.7 3.1 4.9 112.4 170.6
Other interst . . . . . . . . . . . . . . . . . . . . . . 14.1 98.4 8.8 27.6 10.5
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Total Fixed Charges before Adjustments*,** . . . . . 14.8 101.5 13.7 140.0 181.1
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Adjustments:
Gain/(Loss) on reacquired debt . . . . . . . . . . . . . . - - - (0.1) 1.4
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Total Fixed Charges . . . . . . . . . . . . . . . . . 14.8 101.5 13.7 139.9 182.5
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Ratio of Earnings Before Taxes to Fixed Charges . . . . . . . . 27.44 3.84 12.77 N/A(a) 1.85
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(a) To achieve a one-to-one coverage, the Corporation would need an additional
$1,211.6 million of earnings.
* This amount excludes approximately $222 million, $207 million, $203
million and $84 million of estimated interest expense not recorded for
1994, 1993, 1992 and 1991, respectively. Reference is made to the
Statements of Consolidated Income for the twelve months ended December 31,
1994, as reported in Form 10-K and to Note 2 of Notes to Consolidated
Financial Statements of the Corporation's Annual Report on Form 10-K for
the year ended December 31, 1994.
** This amount excludes $8.6 million of interest expense not recorded with
respect to the registrant's guarantee of LESOP Trust's debentures for each
of the twelve months ended December 31, 1994, 1993, 1992 and 1991, and
$6.7 million of interest expense not recorded with respect to the
registrant's guarantee of LESOP Trust's debentures for the twelve months
ended December 31, 1990.