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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, 1991 through 1995
and Twelve Months Ended January 31, 1996
(in thousands except ratio amounts)
January 31,
1996 1995 1994 1993 1992 1991
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Earnings:
Net income from
continuing operations $ 44,176 $ 40,310 $35,506 $37,534 $35,310 $20,552
Income taxes 27,981 25,442 21,407 23,427 21,259 11,408
Fixed charges 35,715 35,651 29,736 26,715 26,246 26,823
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Total Adjusted Earnings $107,872 $101,403 $86,649 $87,676 $82,815 $58,783
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Fixed Charges:
Interest $33,662 $33,224 $27,671 $24,870 $24,570 $25,253
Amortization of debt
expense 337 336 334 192 180 259
One-third of rental expense 1,716 2,091 1,731 1,653 1,496 1,311
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Total Fixed Charges $35,715 $35,651 $29,736 $26,715 $26,246 $26,823
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Ratio of Earnings to Fixed
Charges 3.02 2.84 2.91 3.28 3.16 2.19
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