Exhibit 12.1 91ÖÆƬ³§ Corporation Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends Unaudited Continuing Operations (Dollars in Millions)
Year Ended December 31 --------------------------------------- 2001 2000 1999 1998 1997 ----- ---- ---- ---- ---- Portion of rentals representing interest .. $ 45 $ 48 $ 46 $ 52 $ 47 Capitalized interest ...................... 1 3 6 6 7 Other interest and fixed charges .......... 153 115 75 47 91 Pretax earnings which would be required to cover preferred stock dividend requirements of parent ......... 12 12 14 15 20 ----- ---- ---- ---- ---- Combined fixed charges and preferred stock dividends (A) ..................... $ 211 $178 $141 $120 $165 ===== ==== ==== ==== ==== Earnings-pretax income with applicable adjustments (B) .............. $(387) $187 $295 $618 $781 ===== ==== ==== ==== ==== Ratio of (B) to (A) ....................... ***(a) 1.05 2.10 5.15 4.72 ===== ==== ==== ==== ====
(a) Earnings did not cover fixed charges by $598 million in 2001.