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Content analysis
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Exhibit 12
The Williams Companies, Inc.
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Millions) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,202 | $ | 385 | $ | 550 | $ | 875 | $ | 986 | ||||||||||
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees | (40 | ) | (35 | ) | (31 | ) | (41 | ) | (35 | ) | ||||||||||
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Income from continuing operations before income taxes and equity earnings | 1,162 | 350 | 519 | 834 | 951 | |||||||||||||||
Add: | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest accrued, including proportionate share from 50% owned investees and unconsolidated majority-owned investees (a) | 655 | 667 | 691 | 658 | 688 | |||||||||||||||
Rental expense representative of interest factor | 10 | 10 | 10 | 14 | 15 | |||||||||||||||
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Total fixed charges | 665 | 677 | 701 | 672 | 703 | |||||||||||||||
Distributed income of equity-method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees | 41 | 39 | 24 | 43 | 34 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (25 | ) | (36 | ) | (61 | ) | (45 | ) | (25 | ) | ||||||||||
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Total earnings as adjusted | $ | 1,843 | $ | 1,030 | $ | 1,183 | $ | 1,504 | $ | 1,663 | ||||||||||
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Fixed charges | $ | 665 | $ | 677 | $ | 701 | $ | 672 | $ | 703 | ||||||||||
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Ratio of earnings to fixed charges | 2.77 | 1.52 | 1.69 | 2.24 | 2.37 | |||||||||||||||
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(a) | Does not include interest related to income taxes, including interest related to liabilities for uncertain tax positions, which is included inprovision (benefit) for income taxesin our Consolidated Statement of Operations. |