EX-12.5 2 k91839exv12w5.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12-5 MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Twelve Months Ended December 31 --------------------------------------------------------------------------------- 2004 2003 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- (Millions of Dollars) EARNINGS: Pretax earnings ................................ $ 10 $ 45 $ 32 $ (66) $ 164 Adjustments ............................... (3) -- -- -- -- Fixed charges ............................. 59 58 62 61 62 ----------- ----------- ----------- ----------- ----------- NET EARNINGS $ 66 $ 103 $ 94 $ (5) $ 226 =========== =========== =========== =========== =========== FIXED CHARGES: Interest expense ............................. $ 57 $ 57 $ 60 $ 59 $ 60 Adjustments ............................... 2 1 2 2 2 ----------- ----------- ----------- ----------- ----------- FIXED CHARGES $ 59 $ 58 $ 62 $ 61 $ 62 ----------- ----------- ----------- ----------- ----------- Ratio of Earnings to Fixed Charges ............. 1.12 1.77 1.53 3.65 =========== =========== =========== =========== Coverage Deficiency (1) $ (66) ===========
(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.