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EXHIBIT 12
THE WILLIAMS COMPANIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(DOLLARS IN MILLIONS)
YEARS ENDED DECEMBER 31,
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1993 1992* 1991* 1990* 1989*
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Earnings:
Income before income taxes................ $376.6 $186.9 $159.8 $106.6 $ 80.3
Add:
Interest expense -- net................ 156.0 153.2 157.8 137.1 159.3
Rental expense representative of
interest factor...................... 32.0 29.5 25.5 24.0 24.9
Preferred dividends of subsidiaries.... -- .3 .8 1.6 2.6
Interest accrued -- 50% owned
company.............................. 31.3 27.3 10.3 -- --
Other.................................. 4.1 .4 .9 (.7) 2.6
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Total earnings as adjusted plus
fixed charges................... $600.0 $397.6 $355.1 $268.6 $269.7
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Fixed charges and preferred dividend
requirements:
Interest expense -- net................ $156.0 $153.2 $157.8 $137.1 $159.3
Capitalized interest................... 10.4 8.9 4.7 4.9 3.6
Rental expense representative of
interest factor...................... 32.0 29.5 25.5 24.0 24.9
Pretax effect of dividends on preferred
stock of the Company................. 19.1 19.4 15.9 15.4 11.2
Pretax effect of preferred dividends of
subsidiaries......................... -- .4 1.2 2.5 4.1
Interest accrued -- 50% owned
company.............................. 31.3 27.3 10.3 -- --
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Combined fixed charges and
preferred dividend
requirements.................... $248.8 $238.7 $215.4 $183.9 $203.1
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Ratio of earnings to combined fixed charges
and preferred dividend requirements....... 2.41 1.67 1.65 1.46 1.33
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* Certain amounts have been reclassified as described in Note 1 of Notes to
Consolidated Financial Statements.