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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, 1993 through 1997
and Twelve Months Ended January 31, 1998
(in thousands except ratio amounts)
January 31,
1998 1997 1996 1995 1994 1993
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Earnings:
Net income from
continuing operations $ 58,011 $ 54,074 $ 48,562 $ 40,310 $35,506 $37,534
Income taxes 37,292 34,650 30,928 25,442 21,407 23,427
Fixed charges 38,246 39,263 37,009 35,651 29,736 26,715
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Total Adjusted Earnings $133,549 $127,987 $116,499 $101,403 $86,649 $87,676
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Fixed Charges:
Interest $ 36,558 $ 36,949 $ 34,511 $ 33,224 $27,671 $24,870
Amortization of debt
expense 333 346 345 336 334 192
One-third of rental expense 1,356 1,968 2,153 2,091 1,731 1,653
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Total Fixed Charges $ 38,247 $ 39,263 $ 37,009 $ 35,651 $29,736 $26,715
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Ratio of Earnings to Fixed
Charges 3.49 3.26 3.15 2.84 2.91 3.28
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