Wisconsin Electric Power Company PFD 3.60% (WELPP) 10-Q 2012 Q2 Quarterly report

EXHIBIT 12.1

WISCONSIN ELECTRIC POWER COMPANY

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

	Six
	Months
	Ended			Twelve Months Ended
	6/30/2012			6/30/2012			12/31/2011			12/31/2010			12/31/2009			12/31/2008			12/31/2007
	(Millions of Dollars)
Pre-tax Income	$	298.0		$	546.6		$	485.2		$	470.8		$	435.3		$	439.4		$	468.7
Subtract:
Capitalized Interest	(9.4		)	(23.5		)	(24.7		)	(13.5		)	(6.6		)	(3.0		)	(1.8		)
Earnings Before Adding Fixed Charges (a)	288.6			523.1			460.5			457.3			428.7			436.4			466.9
Fixed Charges
Interest on Long-Term Debt	61.5			121.3			116.7			113.7			104.2			77.7			82.6
Other Interest Expense	1.1			2.1			2.2			1.3			2.7			11.9			12.2
Estimated Interest Component of Rentals	70.9			142.5			141.3			107.1			65.6			57.6			48.5
Total Fixed Charges as Defined (b)	133.5			265.9			260.2			222.1			172.5			147.2			143.3
Total Earnings as Defined	$	422.1		$	789.0		$	720.7		$	679.4		$	601.2		$	583.6		$	610.2
Ratio of Earnings to Fixed Charges	3.2x			3.0x			2.8x			3.1x			3.5x			4.0x			4.3x
(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 consist 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 expense.