<PAGE> 1
EXHIBIT 12.1
NISOURCE INC.
Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Twelve Months Nine Months
Twelve Months Ended Ended
Year Ended December 31, September 30, September 30,
-------------------------------------------------------- ------------- -------------
(Dollars in millions) 1995 1996 1997 1998 1999 2000 2000
-------- -------- -------- -------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings as defined in item 503(d)
of Regulation S-K:
Income before interest charges $ 284.7 $ 287.9 $ 319.5 $ 338.1 $ 376.8 $ 436.2 $ 347.2
Adjustments-
Federal income taxes 95.7 80.6 97.0 115.8 91.9 135.5 132.3
State income tax 15.2 12.8 16.9 16.8 14.1 18.1 18.1
Deferred investment tax credit, net (7.5) (7.4) (7.4) (7.4) (7.7) (7.7) (5.7)
Deferred income taxes, net (1.5) 21.1 (1.5) (22.5) (7.9) (13.0) (31.9)
Federal and state income taxes
included in other income (2.7) (.2) 1.0 (1.9) -- -- --
Amortization of capitalized interest .2 .2 -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
$ 384.1 $ 395.0 $ 425.5 $ 438.9 $ 467.2 $ 569.1 $ 460.0
======== ======== ======== ======== ======== ======== ========
Fixed charges as defined in item 503(d)
of Regulation S-K:
Interest on long-term debt $ 82.7 $ 84.2 $ 102.8 $ 111.4 $ 131.8 $ 127.4 $ 94.0
Other interest 13.6 17.8 13.5 16.5 33.2 64.8 52.0
Amortization of premium,
reacquisition premium, discount
and expense on debt, net 4.4 4.6 4.7 4.6 5.1 5.6 4.3
Interest portion of rent expense 2.4 2.7 2.9 7.9 16.8 17.0 12.4
Minority Interest (TOPIES) -- -- -- -- 17.9 19.5 15.3
Capitalized interest during period .2 -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
$ 103.3 $ 109.3 $ 123.9 $ 140.4 $ 204.8 $ 234.3 $ 178.0
======== ======== ======== ======== ======== ======== ========
Plus preferred stock dividends:
Preferred dividend requirements
of subsidiary $ 9.0 $ 8.7 $ 8.7 $ 8.5 $ 8.4 $ 8.1 $ 6.0
Preferred dividend requirements
factor 1.54 1.59 1.54 1.49 1.61 1.61 1.61
-------- -------- -------- -------- -------- -------- --------
Preferred dividend requirements
of subsidiary $ 13.9 $ 13.8 $ 13.4 $ 12.7 $ 13.5 $ 13.1 $ 9.7
Fixed charges 103.3 109.3 123.9 140.4 204.8 234.3 178.0
-------- -------- -------- -------- -------- -------- --------
$ 117.2 $ 123.1 $ 137.3 $ 153.1 $ 218.3 $ 247.4 $ 187.7
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.28 3.21 3.10 2.87 2.14 2.30 2.45
======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE> 2
COLUMBIA ENERGY GROUP
Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Twelve Months Nine Months
Twelve Months Ended Ended
Year Ended December 31, September 30, September 30,
-------------------------------------------------------- ------------- -------------
(Dollars in millions) 1995 1996 1997 1998 1999 2000 2000
-------- -------- -------- -------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Consolidated Income (Loss) from
Continuing Operations before
Income Taxes $ (650.5) $ 325.8 $ 397.0 $ 461.1 $ 565.9 $ 636.7 $ 391.4
Adjustments-
Interest during construction (20.2) (1.1) (3.0) (2.1) (2.8) (2.0) (1.4)
Distributed (Undistributed) equity
income (7.9) 1.5 3.6 (0.4) (5.8) (7.1) (3.9)
Fixed charges* 1,061.3 183.7 180.5 163.3 183.8 206.8 153.5
-------- -------- -------- -------- -------- -------- --------
Earnings available $ 382.7 $ 509.9 $ 578.1 $ 621.9 $ 741.1 $ 834.4 $ 539.6
======== ======== ======== ======== ======== ======== ========
Fixed charges:
Interest on long-term and
short-term debt** $ 987.2 $ 150.8 $ 145.6 $ 145.4 $ 152.9 $ 158.9 $ 115.9
Other interest 53.6 13.5 15.2 1.4 14.9 31.7 25.2
Portion of rentals representing
interest 20.5 19.4 19.7 16.5 16.0 16.2 12.4
-------- -------- -------- -------- -------- -------- --------
Total Fixed Charges $1,061.3 $ 183.7 $ 180.5 $ 163.3 $ 183.8 $ 206.8 $ 153.5
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges N/A(a) 2.78 3.20 3.81 4.03 4.03 3.52
======== ======== ======== ======== ======== ======== ========
</TABLE>
Prior periods have been restated to reflect discontinued operations.
(a) To achieve a one-to-one coverage, the Corporation would need an additional
$678.6 million of earnings for the twelve months ended December 31, 1995.
* Amounts for the twelve months ended December 31, 1995 through December
31, 1999 have been restated to conform to 2000 presentation.
** This amount includes interest expense of $982.9 million including the
write-off of unamortized discounts on debentures recorded in 1995.
<PAGE> 3
NISOURCE INC. PRO FORMA
Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Twelve Months Twelve Months Nine Months
Ended Ended Ended
December 31, September 30, September 30,
------------ ------------ ------------
(Dollars in millions) 1999 2000 2000
------------ ------------ ------------
<S> <C> <C> <C>
Earnings as defined in item 503(d)
of Regulation S-K:
Income before interest charges $ 961.2 $ 1,076.9 $ 761.9
Adjustments-
Federal income taxes 149.1 237.2 190.1
State income tax 14.1 18.1 18.1
Deferred investment tax credit, net (7.7) (7.7) (5.7)
Deferred income taxes, net (7.9) (13.0) (31.9)
Federal and state income taxes
included in other income -- -- --
Amortization of capitalized interest -- -- --
------------ ------------ ------------
$ 1,108.9 $ 1,311.5 $ 932.5
============ ============ ============
Fixed charges as defined in item 503(d)
of Regulation S-K:
Interest on long-term debt $ 592.4 $ 594.0 $ 440.7
Other interest 48.1 96.5 77.2
Amortization of premium,
reacquisition premium, discount
and expense on debt, net 5.1 5.6 4.4
Interest portion of rent expense 32.8 33.1 12.4
Minority Interest (TOPIES) 17.8 19.5 27.7
Capitalized interest during period -- -- --
------------ ------------ ------------
$ 696.3 $ 748.8 $ 562.3
============ ============ ============
Plus preferred stock dividends:
Preferred dividend requirements
of subsidiary $ 8.3 $ 8.1 $ 6.0
Preferred dividend requirements
factor 1.61 1.61 1.61
------------ ------------ ------------
Preferred dividend requirements
of subsidiary $ 13.4 $ 13.1 $ 9.7
Fixed charges 696.3 748.8 562.3
------------ ------------ ------------
$ 709.7 $ 761.9 $ 572.0
============ ============ ============
Ratio of earnings to fixed charges 1.56 1.72 1.63
============ ============ ============
</TABLE>
