Exhibit 12
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 1999 through 2003
(in thousands except ratio amounts)
2003 2002 2001 2000 1999
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Earnings:
Pre-tax income from continuing
operations $ 105,189 $ 82,091 $ 90,683 $ 99,199 $ 103,077
Distributed income of equity
investees 10,188 22,143 9,885 4,255 -
Fixed charges 43,491 44,251 47,793 44,368 37,978
Preferred security dividend, net of tax (276) - - - -
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Total Adjusted Earnings $ 158,592 $ 148,485 $ 148,361 $ 147,822 $ 141,055
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Fixed Charges:
Interest $ 41,401 $ 42,250 $ 45,286 $ 42,010 $ 35,911
Amortization of debt expense 365 366 420 465 323
One-third of rental expense 1,449 1,635 2,087 1,893 1,744
Preferred security dividend, net of tax 276 - - - -
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Total Fixed Charges $ 43,491 $ 44,251 $ 47,793 $ 44,368 $ 37,978
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Ratio of Earnings to Fixed Charges 3.65 3.36 3.10 3.33 3.71
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