EX-12 4 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Computation of Ratio of Earnings to Combined Fixed Charges

Exhibit 12

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

     For the Years Ended  
     December 31,  
     2009     2008     2007     2006     2005  
     (in millions)  

Earnings:

          

Income (loss) from continuing operations before income taxes

   ($ 3,494   ($ 4,060   ($ 29,775   $ 1,483      $ 1,291   

Equity in (income) loss of unconsolidated investments

     803        64        3        6        (107

Fixed charges

     2,047        2,094        2,213        2,242        1,742   

Interest capitalized

     (12     (123     (127     (113     (53

Amortization of interest capitalized

     85        80        72        107        98   
                                        

Earnings (loss), as adjusted

     (571     (1,945     (27,614     3,725        2,971   
                                        

Fixed charges:

          

Interest expense, gross

     1,450        1,362        1,433        1,533        1,294   

Interest capitalized

     12        123        127        113        53   

Portion of rentals representative of interest

     585        609        653        596        395   
                                        

Fixed charges

     2,047        2,094        2,213        2,242        1,742   
                                        

Preferred stock dividends paid

     0        0        0        3        11   

Total fixed charges

     2,047        2,094        2,213        2,242        1,742   
                                        

Total fixed charges and preferred stock dividends

     2,047        2,094        2,213        2,245        1,753   
                                        

Ratio of combined earnings to fixed charges and preferred stock dividends

     (1)      (2)      (3)      1.66        1.69   
                                        

 

(1) Earnings, as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(2) Earnings, as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.
(3) Earnings, as adjusted were inadequate to cover fixed charges by $29.8 billion in 2007.

 

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