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Exhibit 12-1
MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Twelve Months Ended
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March 31 December 31 December 31 December 31 December 31 December 31
2001 2000 1999 1998 1997 1996
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EARNINGS AS DEFINED (1)
Pre-tax income ........................ $210,330 $163,384 $162,389 $114,619 $125,630 $122,239
Fixed charges ......................... 63,093 61,884 59,340 61,304 57,905 53,831
-------- -------- -------- -------- -------- --------
Earnings as defined ................. $273,423 $225,268 $221,729 $175,923 $183,535 $176,070
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FIXED CHARGES AS DEFINED (1)
Interest expensed ..................... $ 59,991 $ 58,700 $ 55,891 $ 56,997 $ 54,190 $ 48,715
Interest capitalized .................. 737 811 1,190 2,207 1,498 2,460
Amortization of debt discounts, premium
and expense ......................... 1,121 1,121 1,144 955 1,032 1,081
Interest implicit in rentals (2) ...... 1,244 1,252 1,115 1,145 1,185 1,575
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Fixed charges as defined ............ $ 63,093 $ 61,884 $ 59,340 $ 61,304 $ 57,905 $ 53,831
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Ratio of Earnings to Fixed Charges .... 4.33 3.64 3.74 2.87 3.17 3.27
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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.