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Exhibit 12
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 1995 through 1999
and Twelve Months Ended January 31, 2000
(in thousands except ratio amounts)
January 31,
2000 1999 1998 1997 1996 1995
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Earnings:
Net income from continuing
operations $ 61,738 $ 58,207 $ 60,313 $ 54,074 $ 48,562 $ 40,310
Income taxes 39,954 37,645 38,807 34,650 30,928 25,442
Fixed charges 38,532 37,978 38,415 39,263 37,009 35,651
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Total Adjusted Earnings $140,224 $133,830 $137,535 $127,987 $116,499 $101,403
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Fixed Charges:
Interest $ 37,121 $ 35,911 $ 36,453 $ 36,949 $ 34,511 $ 33,224
Amortization of debt expense 362 323 304 346 345 336
One-third of rental expense 1,049 1,744 1,658 1,968 2,153 2,091
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Total Fixed Charges $ 38,532 $ 37,978 $ 38,415 $ 39,263 $ 37,009 $ 35,651
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Ratio of Earnings to Fixed Charges 3.64 3.52 3.58 3.26 3.15 2.84
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