EX-12.1 2 k94303a1exv12w1.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
For the Quarter Ended March 31 Twelve Months Ended December 31 -------------- ---------------------------------------------------- 2005 2004 2003 2002 2001 2000 -------------- ------ ------ ---- ------ ----- (Millions of Dollars) EARNINGS: Pretax earnings $ (12) $ 10 $ 45 $ 32 $ (66) $ 164 Adjustments 2 (3) -- -- -- -- Fixed charges 16 59 58 62 61 62 ----- ------ ------ ----- ------ ------ NET EARNINGS $ 6 $ 66 $ 103 $ 94 $ (5) $ 226 ===== ====== ====== ====== ====== ====== FIXED CHARGES: Interest expense 15 $ 57 $ 57 $ 60 $ 59 $ 60 Adjustments 1 2 1 2 2 2 ----- ------ ------ ------ ------ ------ FIXED CHARGES $ 16 $ 59 $ 58 $ 62 $ 61 $ 62 ----- ------ ------ ------ ------ ------ Ratio of Earnings to Fixed Charges 1.12 1.77 1.53 3.65 ====== ====== ====== ====== Coverage Deficiency (1),(2) $ (10) $ (66) ===== ======
------------------------------------------------------------------------------- (1) The earnings for the three-month period ended March 31, 2005 were not adequate to cover fixed charges. The amount of the deficiency was $9.9 million. The Ratio of Earnings to Fixed Charges excluding disallowances by the Michigan Public Service Commission with respect to the rate orders that were issued on April 28, 2005, would have been 5.56. (2) The earnings for the twelve-month period ended December 31, 2001 were not adequate to cover fixed charges. The amount of the deficiency was $66.4 million. The Ratio of Earnings to Fixed Charges excluding unusual charges would have been 1.62.