EX-12.1 5 k94303exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 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.