EX-12 3 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

 

    Six Months Ended
June 30,
    For the Years Ended December 31,  
    2010     2009     2009     2008     2007     2006     2005  
    (in millions)  

Earnings:

             

Income (loss) from continuing operations before income taxes

  $ (1,507   $ (1,733   $ (3,494   $ (4,060   $ (29,775   $ 1,483      $ 1,291   

Equity in losses (income) of unconsolidated investments

    554        416        803        64        3        6        (107

Fixed charges

    1,064        1,018        2,047        2,094        2,213        2,242        1,742   

Interest capitalized

    (7     (5     (12     (123     (127     (113     (53

Amortization of interest capitalized

    43        41        85        80        72        107        98   
                                                       

Earnings (loss), as adjusted

    147        (263     (571     (1,945     (27,614     3,725        2,971   
                                                       

Fixed charges:

             

Interest expense, gross

    753        719        1,450        1,362        1,433        1,533        1,294   

Interest capitalized

    7        5        12        123        127        113        53   

Portion of rentals representative of interest

    304        294        585        609        653        596        395   
                                                       

Fixed charges

    1,064        1,018        2,047        2,094        2,213        2,242        1,742   
                                                       

Preferred stock dividends paid

    0        0        0        0        0        3        11   

Total fixed charges

    1,064        1,018        2,047        2,094        2,213        2,242        1,742   
                                                       

Total fixed charges and preferred stock dividends

    1,064        1,018        2,047        2,094        2,213        2,245        1,753   
                                                       

Ratio of combined earnings to fixed charges and preferred stock dividends

    —   (1)      —   (2)      —   (3)      —   (4)      —   (5)      1.66        1.69   
                                                       

 

(1) Earnings (loss), as adjusted were inadequate to cover fixed charges by $0.9 billion at June 30, 2010.
(2) Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.3 billion at June 30, 2009.
(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.