1
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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1994 1993* 1992* 1991* 1990*
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Earnings:
Income from continuing operations
before income taxes $246.6 $298.0 $145.5 $ 93.1 $ 39.6
Add:
Interest expense--net 139.8 140.8 136.5 134.2 108.5
Rental expense representative
of interest factor 9.2 8.1 8.3 5.3 3.0
Preferred dividends of
subsidiaries - - .3 .8 1.6
Interest accrued--50% owned
company 31.7 31.3 27.3 10.3 -
Other 2.0 4.1 .4 .9 (.7)
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Total earnings as adjusted
plus fixed charges $429.3 $482.3 $318.3 $244.6 $152.0
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Fixed charges and preferred stock
dividend requirements:
Interest expense--net $139.8 $140.8 $136.5 $134.2 $108.5
Capitalized interest 6.0 10.4 8.9 4.7 2.8
Rental expense representative
of interest factor 9.2 8.1 8.3 5.3 3.0
Pretax effect of dividends on
preferred stock of the Company 13.1 19.1 19.4 15.9 15.4
Pretax effect of preferred
dividends of subsidiaries - - .4 1.2 2.5
Interest accrued--50% owned
company 31.7 31.3 27.3 10.3 -
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Combined fixed charges and
preferred stock dividend
requirements $199.8 $209.7 $200.8 $171.6 $132.2
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Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements 2.15 2.30 1.59 1.43 1.15
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*Restated as described in Note 2 of the Notes to Consolidated Financial
Statements.