EX-12 7 d78726exv12.htm EX-12 exv12
Exhibit 12
RATIOS OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
December 31, 2010
                                         
    Years Ended December 31,  
    2010     2009     2008     2007     2006  
EARNINGS:
                                       
Adjusted (loss) earnings from continuing operations before income taxes
  $ 3,548     $ (4,574 )   $ (4,208 )   $ 3,283     $ 3,151  
Add fixed charges (see below)
    460       467       459       550       515  
 
                             
Adjusted (loss) earnings
  $ 4,008     $ (4,107 )   $ (3,749 )   $ 3,833     $ 3,666  
 
                             
 
                                       
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
                                       
Gross interest expense
  $ 439     $ 444     $ 440     $ 532     $ 500  
Estimated interest component of operating lease payments
    21       23       19       18       15  
 
                             
Fixed charges
    460       467       459       550       515  
Preferred stock requirements, pre-tax
                9       15       15  
 
                             
Combined fixed charges and preferred stock dividends
  $ 460     $ 467     $ 468     $ 565     $ 530  
 
                             
 
                                       
Ratio of earnings to fixed charges
    8.71       N/A       N/A       6.97       7.11  
Ratio of earnings to combined fixed charges and preferred stock dividends
    8.71       N/A       N/A       6.78       6.91  
Insufficiency of earnings to cover fixed charges
    N/A     $ 4,574     $ 4,208       N/A       N/A  
Insufficiency of earnings to cover combined fixed charges and preferred stock dividends
    N/A     $ 4,574     $ 4,217       N/A       N/A  
 
N/A   Not applicable.