EXHIBIT 12-1
Michigan Consolidated Gas Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
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Twelve Months Ended |
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Twelve Months Ended |
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Twelve Months Ended |
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June 30, 1999 |
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December 31, 1998 |
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December 31, 1997 |
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Earnings as Defined(1) |
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Pre-tax income |
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$ |
154,088 |
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$ |
114,619 |
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$ |
125,630 |
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Fixed charges |
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59,794 |
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61,304 |
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57,905 |
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Earnings as defined |
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$ |
213,882 |
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$ |
175,923 |
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$ |
183,535 |
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Fixed Charges as Defined(1) |
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Interest on long-term debt |
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$ |
46,776 |
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$ |
47,091 |
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$ |
47,024 |
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Interest on other borrowed funds |
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10,801 |
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12,113 |
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8,664 |
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Amortization of debt discounts, premium and expense |
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1,033 |
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955 |
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1,032 |
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Interest implicit in rentals(2) |
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1,184 |
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1,145 |
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1,185 |
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Fixed charges as defined |
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$ |
59,794 |
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$ |
61,304 |
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$ |
57,905 |
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Ratio of Earnings to Fixed Charges |
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3.58 |
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2.87 |
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3.17 |
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Notes:
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| (1) |
Earnings and fixed charges are defined and computed in accordance
with Item 503 of Regulation S-K. |
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| (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.
