EXHIBIT 12
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS
Twelve Months Ended
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3/31/98 9/30/97 9/30/96 12/31/95 12/31/94 12/31/93
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(unaudited)
(dollars in thousands)
Fixed charges, as defined:
Interest expense $ 9,814 $ 9,436 10,101 9,938 8,090 7,038
Amortization of debt
issuance expense 615 612 612 606 593 562
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Total fixed charges $10,429 $10,048 10,713 10,544 8,683 7,600
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Earnings, as defined:
Net earnings $8,631 $10,627 8,211 7,732 5,760 9,103
Add (deduct):
Income taxes 5,551 6,263 4,272 4,508 3,505 5,224
Cumulative effect of change
in accounting method - - - - - (209)
Fixed charges 10,429 10,048 10,713 10,544 8,683 7,600
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Total earnings $24,611 $26,938 23,196 22,784 17,948 21,718
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Ratio of earnings to
fixed charges 2.36 2.68 2.17 2.16 2.07 2.86
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Fixed charges and preferred
dividend requirements:
Fixed charges $10,429 $10,048 10,713 10,544 8,683 7,600
Preferred dividend
requirements 789 811 819 853 898 913
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Total $11,218 $10,859 11,532 11,397 9,581 8,513
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Ratio of earnings to fixed
charges and preferred dividend
requirements 2.19 2.48 2.01 2.00 1.87 2.55
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