Attached files
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Three Months Ended March 31, |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||
Earnings: |
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Income (loss) from continuing operations before income taxes |
($ | 794 | ) | ($ | 1,124 | ) | ($ | 3,494 | ) | ($ | 4,060 | ) | ($ | 29,775 | ) | $ | 1,483 | $ | 1,291 | |||||||||||||||||||||
Equity in losses (income) of unconsolidated investments |
254 | 281 | 803 | 64 | 3 | 6 | (107 | ) | ||||||||||||||||||||||||||||||||
Fixed charges |
527 | 518 | 2,047 | 2,094 | 2,213 | 2,242 | 1,742 | |||||||||||||||||||||||||||||||||
Interest capitalized |
(3 | ) | (7 | ) | (12 | ) | (123 | ) | (127 | ) | (113 | ) | (53 | ) | ||||||||||||||||||||||||||
Amortization of interest capitalized |
21 | 21 | 85 | 80 | 72 | 107 | 98 | |||||||||||||||||||||||||||||||||
Earnings (loss), as adjusted |
5 | (311 | ) | (571 | ) | (1,945 | ) | (27,614 | ) | 3,725 | 2,971 | |||||||||||||||||||||||||||||
Fixed charges: |
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Interest expense, gross |
372 | 361 | 1,450 | 1,362 | 1,433 | 1,533 | 1,294 | |||||||||||||||||||||||||||||||||
Interest capitalized |
3 | 7 | 12 | 123 | 127 | 113 | 53 | |||||||||||||||||||||||||||||||||
Portion of rentals representative of interest |
152 | 150 | 585 | 609 | 653 | 596 | 395 | |||||||||||||||||||||||||||||||||
Fixed charges |
527 | 518 | 2,047 | 2,094 | 2,213 | 2,242 | 1,742 | |||||||||||||||||||||||||||||||||
Preferred stock dividends paid |
0 | 0 | 0 | 0 | 0 | 3 | 11 | |||||||||||||||||||||||||||||||||
Total fixed charges |
527 | 518 | 2,047 | 2,094 | 2,213 | 2,242 | 1,742 | |||||||||||||||||||||||||||||||||
Total fixed charges and preferred stock dividends |
527 | 518 | 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 $0.5 billion at March 31, 2010. |
(2) | Earnings (loss), as adjusted were inadequate to cover fixed charges by $0.8 billion at March 31, 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. |