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EXHIBIT 12
Atmos Energy Corporation
Computation of Earnings to Fixed Charges
March 31, 2003
<Table>
<Caption>
Three Months Ended Six Months Ended
March 31 March 31
----------------------------- -----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
(Dollars in thousands)
Income from continuing operations before provision for
income taxes and cumulative effect of accounting
change per statement of income $ 90,231 $ 65,732 $ 131,500 $ 98,587
Add:
Portion of rents representative of the interest factor 862 983 1,742 1,884
Interest on debt & amortization of debt expense 16,158 14,489 31,637 30,481
------------ ------------ ------------ ------------
Income as adjusted $ 107,251 $ 81,204 $ 164,879 $ 130,952
============ ============ ============ ============
Fixed charges:
Interest on debt & amortization of debt expense (1) $ 16,158 $ 14,489 $ 31,637 $ 30,481
Capitalized interest (2) 154 331 304 703
Rents 2,585 2,948 5,225 5,653
Portion of rents representative of the interest factor (3) 862 983 1,742 1,884
------------ ------------ ------------ ------------
Fixed charges (1)+(2)+(3) $ 17,174 $ 15,803 $ 33,683 $ 33,068
============ ============ ============ ============
Ratio of earnings to fixed charges 6.24 5.14 4.90 3.96
</Table>