EXHIBIT 12
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
|
|
Twelve Months Ended September 30,
|
|
|
2000
|
|
1999
|
|
1998
|
|
1997
|
|
1996
|
|
|
(dollars in thousands)
|
| Fixed charges, as defined: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
|
$ |
10,936 |
|
$ |
10,486 |
|
10,132 |
|
9,436 |
|
10,101 |
| |
Amortization of debt issuance expense |
|
|
607 |
|
|
603 |
|
605 |
|
612 |
|
612 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total fixed charges |
|
$ |
11,543 |
|
$ |
11,089 |
|
10,737 |
|
10,048 |
|
10,713 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings, as defined: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net earnings |
|
$ |
15,374 |
|
$ |
14,053 |
|
9,544 |
|
10,627 |
|
8,211 |
| |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Income taxes |
|
|
9,051 |
|
|
8,075 |
|
5,694 |
|
6,263 |
|
4,272 |
| |
|
Fixed charges |
|
|
11,543 |
|
|
11,089 |
|
10,737 |
|
10,048 |
|
10,713 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Total earnings |
|
$ |
35,968 |
|
$ |
33,217 |
|
25,975 |
|
26,938 |
|
23,196 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of earnings to fixed charges |
|
|
3.12 |
|
|
3.00 |
|
2.42 |
|
2.68 |
|
2.17 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed charges and preferred dividend requirements: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed charges |
|
$ |
11,543 |
|
$ |
11,089 |
|
10,737 |
|
10,048 |
|
10,713 |
| |
Preferred dividend requirements |
|
|
6 |
|
|
756 |
|
778 |
|
811 |
|
819 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total |
|
$ |
11,549 |
|
$ |
11,845 |
|
11,515 |
|
10,859 |
|
11,532 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of earnings to fixed charges and preferred dividend requirements |
|
|
3.12 |
|
|
2.80 |
|
2.26 |
|
2.48 |
|
2.01 |
| |
|
|
|
|
|
|
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|
