EXHIBIT 12-1
Michigan Consolidated Gas Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges(Thousands of Dollars)
Twelve Months Ended Twelve Months Ended Twelve Months Ended September 30, 1999 December 31, 1998 December 31, 1997 Earnings as Defined(1) Pre-tax income $ 163,905 $ 114,619 $ 125,630 Fixed charges 60,064 61,304 57,905 Earnings as defined $ 223,969 $ 175,923 $ 183,535 Fixed Charges as Defined(1) Interest on long-term debt $ 47,837 $ 47,091 $ 47,024 Interest on other borrowed funds 9,984 12,113 8,664 Amortization of debt discounts, premium and expense 1,088 955 1,032 Interest implicit in rentals(2) 1,155 1,145 1,185 Fixed charges as defined $ 60,064 $ 61,304 $ 57,905 Ratio of Earnings to Fixed Charges 3.73 2.87 3.17
Notes:
(1) | Earnings and fixed charges are defined and computed in accordance with Item 503 of Regulation S-K. |
(2) | This amount is estimated to be a reasonable approximation of the interest portion of rentals. |
MichCon is a guarantor of certain other debt. Fixed charges related to such debt are deemed to be immaterial and therefore have been excluded from the above ratios.