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EXHIBIT 12-1
MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
TWELVE MONTHS ENDED
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DECEMBER 31
(THOUSANDS OF DOLLARS)
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1994 1993 1992 1991 1990
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EARNINGS AS DEFINED(1)
Net Income . . . . . . . . . . . . . . . . . . $ 59,868 $ 62,376 $ 50,821 $37,302 $31,709
Federal and other income taxes . . . . . . . . 29,839 30,939 25,794 19,849 18,947
Fixed charges . . . . . . . . . . . . . . . . . 39,663 36,231 38,489 37,283 37,016
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Earnings as defined . . . . . . . . . . . . . $129,370 $129,546 $115,104 $94,434 $87,672
FIXED CHARGES AS DEFINED(1)
Interest on long-term debt . . . . . . . . . . $27,948 $25,594 $27,927 $23,224 $23,121
Interest on other borrowed funds . . . . . . . 9,093 7,961 8,044 11,756 11,191
Amortization of debt discounts, premium
and expense . . . . . . . . . . . . . . . . . 950 1,057 763 607 618
Interest implicit in rentals(2) . . . . . . . . 1,672 1,619 1,755 1,696 2,086
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Fixed charges as defined . . . . . . . . . . . $39,663 $36,231 $38,489 $37,283 $37,016
Ratio of Earnings to Fixed Charges . . . . . 3.26 3.58 2.99 2.53 2.37
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Notes:
(1) Earnings and fixed charges are defined and computed in accordance with
instructions for Item 3 of Form S-3.
(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.