Exhibit 12
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 1997 through 2001
and Twelve Months Ended April 30, 2002
(in thousands except ratio amounts)
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April 30,
2002 2001 2000 1999 1998 1997
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Earnings:
Pre-tax income from continuing
operations $ 81,595 $ 90,683 $ 99,199 $103,077 $100,938 $ 86,484
Distributed income of equity
investees 9,576 9,885 4,255 -- -- 9,252
Fixed charges 45,225 47,793 44,368 37,978 38,415 39,263
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Total Adjusted Earnings $136,396 $148,361 $147,822 $141,055 $139,353 $134,999
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Fixed Charges:
Interest $ 43,487 $ 45,286 $ 42,010 $ 35,911 $ 36,453 $ 36,949
Amortization of debt expense 355 420 465 323 304 346
One-third of rental expense 1,383 2,087 1,893 1,744 1,658 1,968
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Total Fixed Charges $ 45,225 $ 47,793 $ 44,368 $ 37,978 $ 38,415 $ 39,263
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Ratio of Earnings to Fixed Charges 3.02 3.10 3.33 3.71 3.63 3.44
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