Attached files
| file | filename |
|---|---|
| EX-10.2 - EXHIBIT 10.2 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit102.htm |
| EX-99 - EXHIBIT 99 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit99.htm |
| EX-32 - EXHIBIT 32 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit32.htm |
| EX-31.2 - EXHIBIT 31.2 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit311.htm |
| EX-10.3 - EXHIBIT 10.3 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit103.htm |
| EX-10.1 - EXHIBIT 10.1 - NATIONAL FUEL GAS CO | nfg-12312016xexhibit101.htm |
| 10-Q - 10-Q - NATIONAL FUEL GAS CO | nfg-12312016x10q.htm |
EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
For the Twelve Months Ended | Fiscal Year Ended September 30, | ||||||||||||||
December 31, 2016 | 2016 | 2015 | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||||
EARNINGS: | |||||||||||||||
Net Income (Loss) Available for Common Stock | $ | (12,941 | ) | $ | (290,958 | ) | $ | (379,427 | ) | $ | 299,413 | $ | 260,001 | ||
Plus Income Tax Expense (Benefit) | (31,767 | ) | (232,549 | ) | (319,136 | ) | 189,614 | 172,758 | |||||||
Less Investment Tax Credit (A) | (304 | ) | (348 | ) | (414 | ) | (434 | ) | (426 | ) | |||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries | — | — | 0 | (397 | ) | 204 | |||||||||
Plus Distributions from Unconsolidated Subsidiaries | — | — | — | — | — | ||||||||||
Plus Interest Expense on Long-Term Debt | 116,078 | 117,347 | 95,916 | 90,194 | 90,273 | ||||||||||
Plus Other Interest Expense | 3,228 | 3,697 | 3,555 | 4,083 | 3,838 | ||||||||||
Less Amortization of Loss on Reacquired Debt | (529 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) | |||||
Plus Allowance for Borrowed Funds Used in Construction | 1,719 | 2,006 | 1,964 | 900 | 827 | ||||||||||
Plus Other Capitalized Interest | 1,513 | 238 | 4,191 | 3,560 | 1,801 | ||||||||||
Plus Rentals (B) | 7,561 | 9,479 | 13,866 | 13,700 | 14,204 | ||||||||||
$ | 84,558 | $ | (391,617 | ) | $ | (580,014 | ) | $ | 600,104 | $ | 542,759 | ||||
FIXED CHARGES: | |||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 116,078 | $ | 117,347 | $ | 95,916 | $ | 90,194 | $ | 90,273 | |||||
Plus Other Interest Expense | 3,228 | 3,697 | 3,555 | 4,083 | 3,838 | ||||||||||
Less Amortization of Loss on Reacquired Debt | (529 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) | |||||
Plus Allowance for Borrowed Funds Used in Construction | 1,719 | 2,006 | 1,964 | 900 | 827 | ||||||||||
Plus Other Capitalized Interest | 1,513 | 238 | 4,191 | 3,560 | 1,801 | ||||||||||
Plus Rentals (B) | 7,561 | 9,479 | 13,866 | 13,700 | 14,204 | ||||||||||
$ | 129,570 | $ | 132,238 | $ | 118,963 | $ | 111,908 | $ | 110,222 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | (E) | (D) | (C) | 5.36 | 4.92 | ||||||||||
(A) | Investment Tax Credit is included in Other Income. |
(B) | Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. |
(C) | The ratio coverage for the fiscal year ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2015. |
(D) | The ratio coverage for the fiscal year ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2016. |
(E) | The ratio coverage for the twelve months ended December 31, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $45,012 to achieve a coverage of 1:1 for the twelve months ended December 31, 2016. |