| Six | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30 | Year Ended December 31 | |||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| (b) | ||||||||||||||||||||||||
Earnings as defined (a) |
||||||||||||||||||||||||
Pretax income from continuing operations |
$ | 268 | $ | 562 | $ | 437 | $ | 167 | $ | (590 | ) | $ | 439 | |||||||||||
Exclude equity basis subsidiaries (c) |
— | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Fixed charges as defined |
148 | 276 | 293 | 307 | 316 | 345 | ||||||||||||||||||
Earnings as defined |
$ | 416 | $ | 838 | $ | 730 | $ | 473 | $ | (275 | ) | $ | 783 | |||||||||||
Fixed charges as defined (a) |
||||||||||||||||||||||||
Interest on long-term debt |
$ | 124 | $ | 229 | $ | 236 | $ | 286 | $ | 305 | $ | 328 | ||||||||||||
Other interest charges |
10 | 22 | 34 | 13 | 5 | 13 | ||||||||||||||||||
Estimated interest portion of lease rental |
14 | 25 | 23 | 8 | 6 | 4 | ||||||||||||||||||
Fixed charges as defined |
$ | 148 | 276 | 293 | 307 | 316 | 345 | |||||||||||||||||
Preferred dividends |
2 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||
Combined fixed charges and preferred
dividends |
$ | 150 | $ | 279 | $ | 296 | $ | 310 | $ | 319 | $ | 348 | ||||||||||||
Ratio of earnings to fixed charges |
2.81 | 3.04 | 2.49 | 1.54 | — | 2.27 | ||||||||||||||||||
Ratio of earnings to combined fixed
charges and preferred dividends |
2.77 | 3.00 | 2.47 | 1.53 | — | 2.25 | ||||||||||||||||||
| NOTES: | ||
| (a) | Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. | |
| (b) | For the year ended December 31, 2005, fixed charges exceeded earnings by $591 million and combined fixed charges and preferred dividends exceeded earnings by $594 million. Earnings as defined include $1.184 billion of asset impairment charges. | |
| (c) | In 2004, Consumers consolidated the MCV Partnership and the FMLP in accordance with FIN 46(R). | |