Wisconsin Electric Power Company PFD 3.60% (WELPP)
Filed: 30 Apr 03, 12:00am
Exhibit 12-1 | ||||||||
WISCONSIN ELECTRIC POWER COMPANY | ||||||||
STATEMENT OF COMPUTATION OF | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||
(Unaudited) | ||||||||
(Millions of Dollars) | ||||||||
Three Months | Twelve Months Ended | |||||||
<CAPTION> | Ended | |||||||
3/31/03 | 3/31/03 | 12/31/02 | 12/31/01 | 12/31/00 | 12/31/99 | 12/31/98 | ||
<S> | <C> | <C> | <C> | <C> | <C> | <C> | <C> | |
Pretax Income | $120.5 | $429.6 | $416.9 | $403.1 | $267.9 | $329.3 | $280.9 | |
Less: Undistributed equity in earnings of | ||||||||
unconsolidated affiliate | 1.6 | 3.5 | 2.3 | 9.7 | - | - | - | |
Total Pretax Income, Net | 118.9 | 426.1 | 414.6 | 393.4 | 267.9 | 329.3 | 280.9 | |
Fixed Charges | ||||||||
Interest on Long-Term Debt (a) | 20.3 | 88.3 | 91.7 | 102.9 | 105.6 | 99.6 | 100.4 | |
Other Interest Expense | 1.3 | 3.7 | 3.2 | 6.8 | 11.9 | 15.1 | 11.8 | |
Interest Factors of Rents | ||||||||
Nuclear Fuel | 0.4 | 1.6 | 1.9 | 3.3 | 3.9 | 3.5 | 3.1 | |
Long-Term Purchase Power Contract (b) | 5.9 | 22.6 | 22.3 | 21.5 | 21.0 | 20.4 | 20.3 | |
Total Fixed Charges | 27.9 | 116.2 | 119.1 | 134.5 | 142.4 | 138.6 | 135.6 | |
Earnings Before Income Taxes and Fixed Charges | $146.8 | $542.3 | $533.7 | $527.9 | $410.3 | $467.9 | $416.5 | |
==== | ==== | ==== | ==== | ==== | ==== | ==== | ||
Ratio of Earnings to Fixed Charges | 5.3x | 4.7x | 4.5x | 3.9x | 2.9x | 3.4x | 3.1x | |
<FN> | ||||||||
(a) Includes amortization of debt premium, discount and expense. | ||||||||
(b) Wisconsin Electric has entered into a long-term power purchase contract that is being accounted for as a capital lease. | ||||||||
</FN> | ||||||||
</TABLE> | ||||||||