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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, 1996 through 2000
and Twelve Months Ended January 31, 2001
(in thousands except ratio amounts)
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January 31,
2001 2000 1999 1998 1997 1996
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Earnings:
Net income from
continuing operations $ 70,238 $ 64,031 $ 58,207 $ 60,313 $ 54,074 $ 48,562
Income taxes 45,455 41,356 37,645 38,807 34,650 30,928
Fixed charges 45,960 44,368 37,978 38,415 39,263 37,009
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Total Adjusted Earnings $161,653 $149,755 $133,830 $137,535 $127,987 $116,499
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Fixed Charges:
Interest $ 44,227 $ 42,010 $ 35,911 $ 36,453 $ 36,949 $ 34,511
Amortization of debt
expense 478 465 323 304 346 345
One-third of rental expense 1,255 1,893 1,744 1,658 1,968 2,153
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Total Fixed Charges $ 45,960 $ 44,368 $ 37,978 $ 38,415 $ 39,263 $ 37,009
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Ratio of Earnings to Fixed
Charges 3.52 3.38 3.52 3.58 3.26 3.15
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