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EXHIBIT 12.1
PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR FISCAL YEARS ENDED OCTOBER 31, 1990 THROUGH 1994
AND TWELVE MONTHS ENDED JANUARY 31, 1995
(IN THOUSANDS EXCEPT RATIO AMOUNTS)
JANUARY 31,
1995 1994 1993 1992 1991 1990
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Earnings:
Net income from continuing
operations...................... $37,996 $35,506 $37,534 $35,310 $20,552 $25,733
Income taxes...................... 23,956 21,407 23,427 21,259 11,408 14,859
Fixed charges..................... 30,861 29,736 26,715 26,246 26,823 25,739
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Total Adjusted Earnings...... $92,813 $86,649 $87,676 $82,815 $58,783 $66,331
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Fixed Charges:
Interest.......................... $29,110 $27,671 $24,870 $24,570 $25,253 $24,271
Amortization of debt expense...... 334 334 192 180 259 164
One-third of rental expense....... 1,417 1,731 1,653 1,496 1,311 1,304
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Total Fixed Charges.......... $30,861 $29,736 $26,715 $26,246 $26,823 $25,739
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Ratio of Earnings to Fixed Charges..... 3.01 2.91 3.28 3.16 2.19 2.58
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