EXHIBIT 12
INDIANA GAS COMPANY, INC.
AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Fiscal Year Ended September 30
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1999 1998 1997(1) 1996 1995
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Earnings:
Net income $31,377 $30,883 $13,478 $38,630 $32,109
Income taxes 16,967 17,510 7,147 22,568 18,630
Fixed charges (see below) 16,343 16,967 17,728 16,844 16,395
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Total adjusted earnings $64,687 $65,360 $38,353 $78,042 $67,134
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Fixed charges:
Total interest expense $16,012 $16,234 $16,774 $15,907 $15,530
Interest component of rents 331 733 954 937 865
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Total fixed charges $16,343 $16,967 $17,728 $16,844 $16,395
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Ratio of earnings to fixed charges 4.0 3.9 2.2 4.6 4.1
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(1) Reflects the recording of restructuring costs in fiscal 1997 (see Item 8,
Note 3). Indiana Gas' ratio of earnings to fixed charges for 1997 before
restructuring costs was 4.4.