EX-12.4 3 k81865exv12w4.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w4
 

EXHIBIT 12-4

MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)

                                         
    Twelve Months Ended December 31
    2003
   2002
   2001
   2000
   1999
EARNINGS
                                       
Pre-tax income (loss)
   $ 44,808     $ 32,449     $ (65,867 )   $ 163,915     $ 162,389  
Fixed charges
     58,175       61,651       60,933       61,884       59,340  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings
   $ 102,983     $ 94,100     $ (4,934 )   $ 225,799     $ 221,729  
 
    
 		      
 		      
 		      
 		      
 		  
FIXED CHARGES
                                       
Interest expense
   $ 54,948     $ 57,128     $ 55,305     $ 58,700     $ 55,891  
Interest capitalized
     1,089       936       565       811       1,190  
Amortization of debt discounts, premium and expense
     1,954       1,844       1,588       1,121       1,144  
Interest factor of rents
     514       525       1,095       1,252       1,115  
SFAS 133 Swap marked-to-market
     (330 )     1,218       2,380       —       —  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges
   $ 58,175     $ 61,651     $ 60,933     $ 61,884     $ 59,340  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Fixed Charges
     1.77       1.53               3.65       3.74  
 
    
 		      
 		              
 		      
 		  
Coverage Deficiency (1)
                   $ (66,432 )                
 
                    
 		                  

(1)   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.