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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, 1994 through 1998
and Twelve Months Ended July 31, 1999
(in thousands except ratio amounts)
July 31,
1999 1998 1997 1996 1995 1994
-------- -------- -------- -------- -------- --------
Earnings:
Net income from continuing
operations $ 56,870 $ 60,313 $ 54,074 $ 48,562 $ 40,310 $ 35,506
Income taxes 36,672 38,807 34,650 30,928 25,442 21,407
Fixed charges 37,559 38,415 39,263 37,009 35,651 29,736
-------- -------- -------- -------- -------- --------
Total Adjusted Earnings $131,101 $137,535 $127,987 $116,499 $101,403 $ 86,649
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Fixed Charges:
Interest $ 35,749 $ 36,453 $ 36,949 $ 34,511 $ 33,224 $ 27,671
Amortization of debt expense 304 304 346 345 336 334
One-third of rental expense 1,506 1,658 1,968 2,153 2,091 1,731
-------- -------- -------- -------- -------- --------
Total Fixed Charges $ 37,559 $ 38,415 $ 39,263 $ 37,009 $ 35,651 $ 29,736
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Ratio of Earnings to Fixed Charges 3.49 3.58 3.26 3.15 2.84 2.91
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