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Exhibit 12
COLUMBIA ENERGY GROUP AND SUBSIDIARIES
Statements of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
($ in millions)
Twelve Months Twelve Months
Ended March 31, Ended December 31,
----------------- ------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
------ ------ ------ ------ ------ ------ ------
Consolidated Income (Loss) from
Continuing Operations
before Income Taxes 376.6 330.6 392.2 337.5 (643.0) 392.2 288.1
Adjustments:
Interest during construction (2.6) (1.4) (3.0) (1.1) (20.2) -- --
Distributed (Undistributed) equity income 3.8 1.7 3.6 1.5 (7.9) (0.9) (0.1)
Fixed charges * 182.9 181.7 182.0 184.6 1,061.3 33.7 120.0
----- ----- ----- ----- ------- ----- -----
Earnings Available 560.7 512.6 574.8 522.5 390.2 425.0 408.0
----- ----- ----- ----- ------- ----- -----
Fixed Charges:
Interest on long-term and short-term debt 146.4 146.6 145.6 150.8 987.2 0.7 3.1
Other interest 15.8 14.7 15.4 13.5 53.6 14.1 98.4
Portion of rentals representing interest 20.9 20.4 21.0 20.3 20.5 18.9 18.5
----- ----- ----- ----- ------- ----- -----
Total Fixed Charges **, *** 183.1 181.7 182.0 184.6 1,061.3 33.7 120.0
----- ----- ----- ----- ------- ----- -----
Ratio of Earnings Before Taxes
to Fixed Charges 3.06 2.82 3.16 2.83 N/A (a) 12.61 3.40
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(a) To achieve a one-to-one coverage, the Corporation would need an additional
$671.1 million of earnings for the twelve months ended December 31, 1995.
* Amounts for the twelve months December 31, 1993 through December 31, 1996
have been restated to conform to 1997 presentation.
** This amount excludes approximately $230 million and $210 million of
interest expense not recorded for the twelve months ended December 31,
1994, and 1993. This amount includes interest expense of $982.9 million
including the write-off of unamortized discounts on debentures recorded in
1995. Reference is made to the Statements of Consolidated Income for the
quarterly period ended March 31, 1997, as reported in Form 10-Q.
*** This amount excludes $8.6 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, 1994 and 1993.
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