EX-12.1 3 k64215ex12-1.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 Six Months Ended Six Months Ended ------------------- ---------------- ---------------- June 30, 2001 June 30, 2001 June 30, 2000 ------------- ------------- ------------- EARNINGS AS DEFINED (1) Pre-tax income (loss) ................. $ 19,097 ($36,161) $108,263 Fixed charges ......................... 60,764 28,685 30,809 -------- -------- -------- Earnings as defined ................. $ 79,861 ($ 7,476) $139,072 ======== ======== ======== FIXED CHARGES AS DEFINED (1) Interest expensed ..................... $ 57,668 $ 27,218 $ 29,253 Interest capitalized .................. 666 224 369 Amortization of debt discounts, premium and expense ......................... 1,187 627 560 Interest implicit in rentals (2) ...... 1,243 616 627 -------- -------- -------- Fixed charges as defined ............ $ 60,764 $ 28,685 $ 30,809 ======== ======== ======== Ratio of Earnings to Fixed Charges .... 1.31 4.51 ======== ======== Coverage Deficiency ................... $ 36,161 ========
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.