EX-12 11 s2011exhibit12.htm RATIO OF EARNINGS TO COMBINED FIXED CHARGES 2011 Exhibit 12


Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
 
 
For the Years Ended
 
December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
 
(in millions)
Earnings:
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes
$
(2,636
)
 
$
(3,299
)
 
$
(3,494
)
 
$
(4,060
)
 
$
(29,775
)
Equity in losses of unconsolidated investments
1,730

 
1,286

 
803

 
64

 
3

Fixed charges
2,068

 
2,081

 
2,047

 
2,094

 
2,213

Interest capitalized
(413
)
 
(13
)
 
(12
)
 
(123
)
 
(127
)
Amortization of interest capitalized
48

 
85

 
85

 
80

 
72

Earnings (loss), as adjusted
797

 
140

 
(571
)
 
(1,945
)
 
(27,614
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, gross
1,011

 
1,464

 
1,450

 
1,362

 
1,433

Interest capitalized
413

 
13

 
12

 
123

 
127

Portion of rentals representative of interest
644

 
604

 
585

 
609

 
653

Fixed charges
2,068

 
2,081

 
2,047

 
2,094

 
2,213

Ratio of earnings to fixed charges
— (1)

 
— (2)

 
— (3)

 
— (4)

 
— (5)


(1)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.3 billion in 2011.
(2)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.9 billion in 2010
(3)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(4)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.
(5)
Earnings (loss), as adjusted were inadequate to cover fixed charges by $29.8 billion in 2007.