EXHIBIT 12.1 | ||||||||||||||
WISCONSIN ELECTRIC POWER COMPANY | ||||||||||||||
STATEMENT OF COMPUTATION OF | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||
(Unaudited) | ||||||||||||||
Nine | ||||||||||||||
Months | ||||||||||||||
Ended | Twelve Months Ended | |||||||||||||
9/30/10 | 9/30/10 | 12/31/09 | 12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | ||||||||
(Millions of Dollars) | ||||||||||||||
Pre-tax Income | $ 347.1 | $ 477.2 | $ 435.3 | $ 439.4 | $ 468.7 | $ 438.5 | $ 443.6 | |||||||
Subtract: | ||||||||||||||
Capitalized Interest | (9.1) | (11.2) | (6.6) | (3.0) | (1.8) | (5.1) | (4.6) | |||||||
Earnings Before Adding Fixed Charges (a) | 338.0 | 466.0 | 428.7 | 436.4 | 466.9 |
| 433.4 | 439.0 | ||||||
Fixed Charges | ||||||||||||||
Interest on Long-Term Debt | 85.3 | 111.4 | 104.2 | 77.7 | 82.6 | 79.2 | 82.9 | |||||||
Other Interest Expense | 0.9 | 1.6 | 2.7 | 11.9 | 12.2 | 13.0 | 7.4 | |||||||
Estimated Interest Component of Rentals | 79.6 | 95.5 | 65.6 | 57.6 | 48.5 | 47.8 | 36.9 | |||||||
Total Fixed Charges as Defined (b) | 165.8 |
| 208.5 | 172.5 | 147.2 | 143.3 | 140.0 | 127.2 | ||||||
Total Earnings as Defined | $ 503.8 | $ 674.5 | $ 601.2 | $ 583.6 | $ 610.2 | $ 573.4 | $ 566.2 | |||||||
Ratio of Earnings to Fixed Charges | 3.0x | 3.2x | 3.5x | 4.0x | 4.3x | 4.1x | 4.5x | |||||||
(a) Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of | ||||||||||||||
unconsolidated affiliates) and subtracting capitalized interest. | ||||||||||||||
(b) Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of | ||||||||||||||
lease expense), capitalized interest and amortization of debt expenses. | ||||||||||||||
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10-Q Filing
Wisconsin Electric Power Company PFD 3.60% (WELPP) 10-Q2010 Q3 Quarterly report
Filed: 27 Oct 10, 12:00am