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Previous: NORTH CAROLINA NATURAL GAS CORP, 10-12G, EX-10.B(22), 2000-07-21 |
Next: NORTH CAROLINA NATURAL GAS CORP, 10-12G, EX-21, 2000-07-21 |
<PAGE>
EXHIBIT 12
North Carolina Natural Gas Corporation
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
<TABLE>
<CAPTION>
10/1/97- 10/1/98- 7/15/98- | 7/15/99-
1995 1996 1997 1998 7/14/98 7/14/99 12/31/98 | 12/31/99
---- ---- ---- ---- ------- ------- -------- | --------
<S> <C> <C> <C> <C> <C> <C> <C> | <C>
Fixed Charges - |
Interest on long-term debt 3476 5215 5278 5096 3860 3767 2479 | 469
Other interest 1745 328 459 1196 863 1455 732 | 3162
Amortization of debt discount |
and expense 27 35 36 36 27 64 18 | 524
---------------------------------------------------------------------------|-----------
Total 5248 5578 5773 6328 4750 5286 3229 | 4155
|
Earnings - |
NIBT 18276 24374 28318 27441 27137 20820 7985 | 4140
Subtract AFUDC (799) (302) (1087) (1248) (808) (1697) (898) | (806)
Add Fixed Charges 5248 5578 5773 6328 4750 5286 3229 | 4155
---------------------------------------------------------------------------|-----------
Total 22725 29650 33004 32521 31079 24409 10316 | 7489
|
Ratio of Earnings to Fixed |
Charges 4.33 5.32 5.72 5.14 6.54 4.62 3.19 | 1.80
===========================================================================|===========
<CAPTION>
Pro Forma
Pro Forma 1st Qtr. | 1st Qtr. 1st Qtr.
1999 1999 | 2000 2000*
---- ---- | ---- -----
<S> <C> <C> | <C> <C>
Fixed Charges - |
Interest on long-term debt 2981 1243 | 0 5625
Other interest 4242 593 | 1854 0
Amortization of debt discount |
and expense 566 9 | 198 198
---------------------|---------------------
Total 7789 1845 | 2052 5823
|
Earnings - |
NIBT 14151 16335 | 16666 13255
Subtract AFUDC (2045) (580) | (784) (784)
Add Fixed Charges 7789 1845 | 2052 5823
---------------------|---------------------
Total 19895 17600 | 17934 18294
|
Ratio of Earnings to Fixed |
Charges 2.55 9.54 | 8.74 3.14
=====================|======================
</TABLE>
* Pro Forma first quarter 2000 assumes the issuance of $300 million aggregate
principal amount of debt securities under our shelf registration statement on
Form S-3, filed July 21, 2000, at an average interest rate of 7.5% and
subsequent repayment of all previously outstanding borrowings.
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