| Six | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30 | Year Ended December 31 | |||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| (b) | (c) | (d) | (e) | |||||||||||||||||||||
Earnings as defined (a) |
||||||||||||||||||||||||
Pretax income from continuing operations |
$ | 200 | $ | 441 | $ | (317 | ) | $ | (434 | ) | $ | (772 | ) | $ | 98 | |||||||||
Exclude equity basis subsidiaries |
1 | (1 | ) | (22 | ) | (14 | ) | (17 | ) | (88 | ) | |||||||||||||
Fixed charges as defined |
220 | 429 | 489 | 535 | 539 | 637 | ||||||||||||||||||
Earnings as defined |
$ | 421 | $ | 869 | $ | 150 | $ | 87 | $ | (250 | ) | $ | 647 | |||||||||||
Fixed charges as defined (a) |
||||||||||||||||||||||||
Interest on long-term debt |
$ | 184 | $ | 371 | $ | 415 | $ | 492 | $ | 514 | $ | 560 | ||||||||||||
Other interest charges |
22 | 33 | 51 | 35 | 19 | 73 | ||||||||||||||||||
Estimated interest portion of lease rental |
14 | 25 | 23 | 8 | 6 | 4 | ||||||||||||||||||
Fixed charges as defined |
$ | 220 | $ | 429 | $ | 489 | $ | 535 | $ | 539 | $ | 637 | ||||||||||||
Preferred dividends |
9 | 17 | 12 | 11 | 10 | 11 | ||||||||||||||||||
Combined fixed charges and preferred
dividends |
$ | 229 | $ | 446 | $ | 501 | $ | 546 | $ | 549 | $ | 648 | ||||||||||||
Ratio of earnings to fixed charges |
1.91 | 2.03 | — | — | — | 1.02 | ||||||||||||||||||
Ratio of earnings to combined fixed
charges and preferred dividends |
1.84 | 1.95 | — | — | — | — | ||||||||||||||||||
| NOTES: | ||
| (a) | Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. | |
| (b) | For the year ended December 31, 2007, fixed charges exceeded earnings by $339 million and combined fixed charges and preferred dividends exceeded earnings by $351 million. Earnings as defined include $204 million in asset impairment charges and a $279 million charge for an electric sales contract termination. | |
| (c) | For the year ended December 31, 2006, fixed charges exceeded earnings by $448 million and combined fixed charges and preferred dividends exceeded earnings by $459 million. Earnings as defined include $459 million of asset impairment charges. | |
| (d) | For the year ended December 31, 2005, fixed charges exceeded earnings by $789 million and combined fixed charges and preferred dividends exceeded earnings by $799 million. Earnings as defined include $1.184 billion of asset impairment charges. | |
| (e) | For 2004, fixed charges and combined fixed charges and preferred dividends, adjusted as defined, include $25 million of interest cost that was capitalized prior to 2004 and subsequently expensed in 2004. Combined fixed charges and preferred dividends exceeded earnings by $1 million. Earnings as defined include $160 million of asset impairments. | |