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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 represents the aggregate of (a) the pre-tax
income from continuing operations of MCN and its majority-owned
subsidiaries, (b) MCN’s share of pre-tax income of its
50% owned companies, and (c) any income actually received
from less than 50% owned companies. |
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| (3) |
Fixed charges added to earnings are adjusted to exclude interest
capitalized during the period for nonutility companies. |
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| (4) |
Fixed charges represent (a) interest, whether expensed or
capitalized, (b) amortization of debt discount, premium and
expense, (c) an estimate of interest implicit in rentals,
and (d) preferred securities dividend requirements of
subsidiaries. |
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| (5) |
For the twelve-month period ended September 30, 1999, MCN
recorded several unusual charges, consisting of property
write-downs, investment loss and losses on sale of properties,
totaling $134,131,000 pre-tax ($87,185,000 net of taxes). |
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| (6) |
For the twelve-month period ended December 31, 1998, MCN
recorded several unusual charges, consisting of property
write-downs, investment losses and restructuring charges,
totaling $606,953,000 pre-tax ($389,598,000 net of taxes and
minority interest). |
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| (7) |
Earnings for the twelve-month period ended September 30,
1999, were not adequate to cover fixed charges. The amount of the
coverage deficiency was $40,241,000. The Ratio of Earnings to
Fixed Charges excluding unusual charges would have been 1.53. |
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| (8) |
Earnings for the twelve-month period ended December 31,
1998, were not adequate to cover fixed charges. The amount of the
coverage deficiency was $512,715,000. The Ratio of Earnings to
Fixed Charges excluding unusual charges would have been 1.54. |
