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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Six months ended June 30, | 2008 | 2007 | ||||||
| (dollars are in millions) | ||||||||
| (Loss) income from continuing operations | $ | (1,175 | ) | $ | 795 | |||
| Income tax expense | (593 | ) | 411 | |||||
| Income from continuing operations before income tax expense | (1,768 | ) | 1,206 | |||||
| Fixed charges: | ||||||||
| Interest expense | 3,450 | 3,977 | ||||||
Interest portion of rentals(1) | 22 | 29 | ||||||
| Total fixed charges | 3,472 | 4,006 | ||||||
| Total earnings from continuing operations as defined | $ | 1,704 | $ | 5,212 | ||||
| Ratio of earnings to fixed charges | .49 | 1.30 | ||||||
Preferred stock dividends(2) | 29 | 29 | ||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | .49 | 1.29 | ||||||
| (1) | Represents one-third of rentals, which approximates the portion representing interest. |
| (2) | Preferred stock dividends are grossed up to their pretax equivalents. |