EX-12.2 4 k68276ex12-2.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12-2 MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of Dollars)
Twelve Months Ended Twelve Months Ended Twelve Months Ended ------------------- ------------------- ------------------- December 31, 2001 December 31, 2000 December 31, 1999 ----------------- ----------------- ------------------- EARNINGS AS DEFINED (1) Pre-tax income (loss) ........................ $(65,867) $163,915 $162,389 Fixed charges ................................ 60,933 61,884 59,340 -------- -------- -------- Earnings as defined ........................ $ (4,934) $225,799 $221,729 ======== ======== ======== FIXED CHARGES AS DEFINED (1) Interest expensed ............................ $ 55,305 $ 58,700 $ 55,891 Interest capitalized ......................... 565 811 1,190 Amortization of debt discounts, premium and expense ................................ 1,588 1,121 1,144 Interest implicit in rentals (2) ............. 1,095 1,252 1,115 SFAS 133 Swap marked-to-market ............... 2,380 -- -- -------- -------- -------- Fixed charges as defined .................... $ 60,933 $ 61,884 $ 59,340 ======== ======== ======== Ratio of Earnings to Fixed Charges............ 3.65 3.74 -------- -------- Coverage Deficiency (3)....................... $(66,432) ========
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. (3) The earnings for the twelve-month period ended December 31, 2001 were not adequate to cover fixed charges. The amount of the deficiency was $66,432,000. The Ratio of Earnings to Fixed Charges excluding unusual charges would have been 1.62.