EX-12.1 11 k63347ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 Exhibit 12-1 MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of Dollars)
Twelve Months Ended -------------------------------------------------------------------------------------- March 31 December 31 December 31 December 31 December 31 December 31 2001 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- -------- EARNINGS AS DEFINED (1) Pre-tax income ........................ $210,330 $163,384 $162,389 $114,619 $125,630 $122,239 Fixed charges ......................... 63,093 61,884 59,340 61,304 57,905 53,831 -------- -------- -------- -------- -------- -------- Earnings as defined ................. $273,423 $225,268 $221,729 $175,923 $183,535 $176,070 ======== ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED (1) Interest expensed ..................... $ 59,991 $ 58,700 $ 55,891 $ 56,997 $ 54,190 $ 48,715 Interest capitalized .................. 737 811 1,190 2,207 1,498 2,460 Amortization of debt discounts, premium and expense ......................... 1,121 1,121 1,144 955 1,032 1,081 Interest implicit in rentals (2) ...... 1,244 1,252 1,115 1,145 1,185 1,575 -------- -------- -------- -------- -------- -------- Fixed charges as defined ............ $ 63,093 $ 61,884 $ 59,340 $ 61,304 $ 57,905 $ 53,831 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges .... 4.33 3.64 3.74 2.87 3.17 3.27 ======== ======== ======== ======== ======== ========
Notes: (1) - Earnings and fixed charges are defined and computed in accordance with Item 503 of Regulation S-K. (2) - This amount is estimated to be a reasonable approximation of the interest portion of rentals.