EX-12 6 exhibit12q12013.htm RATIO OF EARNINGS TO COMBINED FIXED CHARGES Exhibit 12 Q1 2013


Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
 
 
Three Months Ended
 
For the Years Ended
 
March 31,
 
December 31,
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
(in millions)
Earnings (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes
$
(605
)
 
$
(826
)
 
$
(4,172
)
 
$
(2,636
)
 
$
(3,299
)
 
$
(3,494
)
 
$
(4,060
)
Equity in losses of unconsolidated investments, net
202

 
290

 
1,114

 
1,730

 
1,286

 
803

 
64

Fixed charges
608

 
584

 
2,365

 
2,068

 
2,081

 
2,047

 
2,094

Interest capitalized
(15
)
 
(115
)
 
(278
)
 
(413
)
 
(13
)
 
(12
)
 
(123
)
Amortization of interest capitalized
33

 
12

 
81

 
48

 
85

 
85

 
80

Earnings (loss), as adjusted
223

 
(55
)
 
(890
)
 
797

 
140

 
(571
)
 
(1,945
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
432

 
298

 
1,428

 
1,011

 
1,464

 
1,450

 
1,362

Interest capitalized
15

 
115

 
278

 
413

 
13

 
12

 
123

Portion of rentals representative of interest
161

 
171

 
659

 
644

 
604

 
585

 
609

Fixed charges
608

 
584

 
2,365

 
2,068

 
2,081

 
2,047

 
2,094

Ratio of earnings to fixed charges
— (1)

 
— (2)

 
— (3)

 
— (4)

 
— (5)

 
— (6)

 
— (7)


(1)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $385 million at March 31, 2013.
(2)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $639 million at March 31, 2012.
(3)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $3.3 billion in 2012.
(4)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.3 billion in 2011.
(5)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.9 billion in 2010.
(6)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(7)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.