EX-12 3 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES WebFilings | EDGAR view
 

Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
For the Years Ended
 
December 31,
 
2010
 
2009
 
2008
 
2007
 
2006
 
(in millions)
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(3,299
)
 
$
(3,494
)
 
$
(4,060
)
 
$
(29,775
)
 
$
1,483
 
Equity in losses (income) of unconsolidated investments
1,286
 
 
803
 
 
64
 
 
3
 
 
6
 
Fixed charges
2,081
 
 
2,047
 
 
2,094
 
 
2,213
 
 
2,242
 
Interest capitalized
(13
)
 
(12
)
 
(123
)
 
(127
)
 
(113
)
Amortization of interest capitalized
85
 
 
85
 
 
80
 
 
72
 
 
107
 
Earnings (loss), as adjusted
140
 
 
(571
)
 
(1,945
)
 
(27,614
)
 
3,725
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, gross
1,464
 
 
1,450
 
 
1,362
 
 
1,433
 
 
1,533
 
Interest capitalized
13
 
 
12
 
 
123
 
 
127
 
 
113
 
Portion of rentals representative of interest
604
 
 
585
 
 
609
 
 
653
 
 
596
 
Fixed charges
2,081
 
 
2,047
 
 
2,094
 
 
2,213
 
 
2,242
 
Preferred stock dividends paid
—
 
 
—
 
 
—
 
 
—
 
 
3
 
Total fixed charges
2,081
 
 
2,047
 
 
2,094
 
 
2,213
 
 
2,242
 
Total fixed charges and preferred stock dividends
2,081
 
 
2,047
 
 
2,094
 
 
2,213
 
 
2,245
 
Ratio of combined earnings to fixed charges and preferred stock dividends
— (1)
 
 
— (2)
 
 
— (3)
 
 
— (4)
 
 
1.66
 
 
(1)    
Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.9 billion in 2010.
(2)    
Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(3)    
Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.
(4)    
Earnings (loss), as adjusted were inadequate to cover fixed charges by $29.8 billion in 2007.