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. |