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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, 1992 through 1996
and Twelve Months Ended July 31, 1997
(in thousands except ratio amounts)
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July 31,
1997 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ----
Earnings:
Net income from
continuing operations $ 54,148 $ 48,562 $ 40,310 $ 35,506 $ 37,534 $ 35,310
Income taxes 34,695 30,928 25,442 21,407 23,427 21,259
Fixed charges 39,231 37,009 35,651 29,736 26,715 26,246
-------- -------- -------- -------- -------- --------
Total Adjusted Earnings $128,074 $116,499 $101,403 $ 86,649 $ 87,676 $ 82,815
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Fixed Charges:
Interest $ 37,022 $ 34,511 $ 33,224 $ 27,671 $ 24,870 $ 24,570
Amortization of debt
expense 352 345 336 334 192 180
One-third of rental expense 1,857 2,153 2,091 1,731 1,653 1,496
-------- -------- -------- -------- -------- --------
Total Fixed Charges $ 39,231 $ 37,009 $ 35,651 $ 29,736 $ 26,715 $ 26,246
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Ratio of Earnings to Fixed
Charges 3.26 3.15 2.84 2.91 3.28 3.16
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