1 EXHIBIT 12-1 MICHIGAN CONSOLIDATED GAS COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED ------------------------------------------------------------------ Twelve Months DECEMBER 31 Ended (THOUSANDS OF DOLLARS) March 31, 1995 ------------------------------------------------------------------ (unaudited) 1994 1993 1992 1991 1990 --------------- ---- ---- ---- ---- ---- EARNINGS AS DEFINED(1) Net Income . . . . . . . . . . . $ 50,516 $ 59,868 $ 62,376 $ 50,821 $37,302 $31,709 Federal and other income taxes . 23,947 29,839 30,939 25,794 19,849 18,947 Fixed charges . . . . . . . . . . 42,058 39,663 36,231 38,489 37,283 37,016 -------- -------- -------- -------- ------- ------- Earnings as defined . . . . . . $116,521 $129,370 $129,546 $115,104 $94,434 $87,672 FIXED CHARGES AS DEFINED(1) Interest on long-term debt . . . $ 29,660 $ 27,948 $ 25,594 $ 27,927 $23,224 $23,121 Interest on other borrowed funds 9,826 9,093 7,961 8,044 11,756 11,191 Amortization of debt discounts, premium and expense . . . . . . 912 950 1,057 763 607 618 Interest implicit in rentals(2) . 1,660 1,672 1,619 1,755 1,696 2,086 -------- -------- -------- -------- ------- ------- Fixed charges as defined . . . . $ 42,058 $ 39,663 $ 36,231 $ 38,489 $37,283 $37,016 Ratio of Earnings to Fixed Charges 2.77 3.26 3.58 2.99 2.53 2.37 - --------------- 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.