CONSOLIDATED NATURAL GAS COMPANY EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
12
months
ended
3/31/02 Years ended December 31,
2002 2001 (1) 2000 1999 1998 1997
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Earnings, as defined:
Earnings before income taxes and
minority interests in consolidated
subsidiaries 637.0 604.0 360.4 210.3 417.4 475.2
Distributed income from
unconsolidated investees, less
equity in earnings (7.4) (5.8) 13.1 (12.4) (1.9) 1.6
Fixed charges included in the
determination of net income 147.0 170.2 184.1 148.6 137.0 122.4
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Total earnings, as defined 776.6 768.4 557.6 346.5 552.5 599.2
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Fixed charges, as defined:
Interest charges 174.1 181.2 172.8 136.9 126.4 112.7
Rental interest factor 11.0 11.0 11.3 11.7 10.6 9.7
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Total fixed charges, as defined 185.1 192.2 184.1 148.6 137.0 122.4
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Ratio of Earnings to Fixed Charges 4.20 4.00 3.03 2.33 4.03 4.90
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(1) Earnings for the twelve months ended December 31, 2001 includes a $108
million charge associated with Dominion's estimated Enron exposure, and a
$45 million in restructuring charges associated with a senior management
restructuring initiative announced in November and other restructuring
costs. Excluding these items from the calculation above results in a ratio
of earnings to fixed charges for the twelve months ended December 31, 2001
of 4.79x.