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, 2000 |
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December 31, 1999 |
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December 31, 1998 |
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EARNINGS AS DEFINED (1)
Pre-tax income |
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$ |
132,625 |
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$ |
162,389 |
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$ |
114,619 |
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| Fixed charges |
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61,851 |
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59,340 |
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61,304 |
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Earnings as defined |
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$ |
194,476 |
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$ |
221,729 |
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$ |
175,923 |
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FIXED CHARGES AS DEFINED (1)
Interest on long-term debt |
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$ |
49,840 |
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$ |
48,455 |
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$ |
47,091 |
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| Interest on other borrowed funds |
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9,659 |
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8,626 |
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12,113 |
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| Amortization of debt discounts, premium
and expense |
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1,122 |
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1,144 |
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955 |
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| Interest implicit in rentals (2) |
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1,230 |
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1,115 |
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1,145 |
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Fixed charges as defined |
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$ |
61,851 |
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$ |
59,340 |
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$ |
61,304 |
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| Ratio of Earnings to Fixed Charges |
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3.14 |
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3.74 |
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2.87 |
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Notes:
| (1) |
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Earnings and fixed charges are defined and computed in accordance with Item
503 of Regulation S-K. |
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| (2) |
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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.
