| Three | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31 | Year Ended December 31 | |||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| (b) | (c) | (d) | (e) | |||||||||||||||||||||
| Earnings as defined (a) | ||||||||||||||||||||||||
| Pretax income from continuing operations | $ | 123 | $ | 441 | $ | (317 | ) | $ | (434 | ) | $ | (772 | ) | $ | 98 | |||||||||
| Exclude equity basis subsidiaries | 1 | (1 | ) | (22 | ) | (14 | ) | (17 | ) | (88 | ) | |||||||||||||
| Fixed charges as defined | 106 | 429 | 489 | 535 | 539 | 637 | ||||||||||||||||||
| Earnings as defined | $ | 230 | $ | 869 | $ | 150 | $ | 87 | $ | (250 | ) | $ | 647 | |||||||||||
| Fixed charges as defined (a) | ||||||||||||||||||||||||
| Interest on long-term debt | $ | 89 | $ | 371 | $ | 415 | $ | 492 | $ | 514 | $ | 560 | ||||||||||||
| Other interest charges | 11 | 33 | 51 | 35 | 19 | 73 | ||||||||||||||||||
| Estimated interest portion of lease rental | 6 | 25 | 23 | 8 | 6 | 4 | ||||||||||||||||||
| Fixed charges as defined | $ | 106 | $ | 429 | $ | 489 | $ | 535 | $ | 539 | $ | 637 | ||||||||||||
| Preferred dividends | 5 | 17 | 12 | 11 | 10 | 11 | ||||||||||||||||||
| Combined fixed charges and preferred dividends | $ | 111 | $ | 446 | $ | 501 | $ | 546 | $ | 549 | $ | 648 | ||||||||||||
| Ratio of earnings to fixed charges | 2.17 | 2.03 | — | — | — | 1.02 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred dividends | 2.07 | 1.95 | — | — | — | — | ||||||||||||||||||
| NOTES: | ||
| (a) | Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. | |
| (b) | For the year ended December 31, 2007, fixed charges exceeded earnings by $339 million and combined fixed charges and preferred dividends exceeded earnings by $351 million. Earnings as defined include $204 million in asset impairment charges and a $279 million charge for an electric sales contract termination. | |
| (c) | For the year ended December 31, 2006, fixed charges exceeded earnings by $448 million and combined fixed charges and preferred dividends exceeded earnings by $459 million. Earnings as defined include $459 million of asset impairment charges. | |
| (d) | For the year ended December 31, 2005, fixed charges exceeded earnings by $789 million and combined fixed charges and preferred dividends exceeded earnings by $799 million. Earnings as defined include $1.184 billion of asset impairment charges. | |
| (e) | For 2004, fixed charges and combined fixed charges and preferred dividends, adjusted as defined, include $25 million of interest cost that was capitalized prior to 2004 and subsequently expensed in 2004. Combined fixed charges and preferred dividends exceeded earnings by $1 million. Earnings as defined include $160 million of asset impairments. |
