Exhibit 12.1 | |||||||||||||||||||
Wisconsin Public Service Corporation | |||||||||||||||||||
Ratio of Earnings to Fixed Charges and | |||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | |||||||||||||||||||
2007 | |||||||||||||||||||
(Millions) | 3 months | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||
EARNINGS | |||||||||||||||||||
Earnings on common stock | $ | 32.2 | $ | 99.0 | $ | 81.4 | $ | 104.8 | $ | 78.9 | $ | 83.1 | |||||||
Federal and state income taxes | 20.2 | 58.3 | 44.1 | 51.3 | 45.7 | 46.8 | |||||||||||||
Net pretax income | 52.4 | 157.3 | 125.5 | 156.1 | 124.6 | 129.9 | |||||||||||||
Loss (Income) from less than 50% equity investees | (2.2 | ) | (9.4 | ) | (7.5 | ) | (8.4 | ) | (6.0 | ) | (6.6 | ) | |||||||
Distributed earnings of less than 50% equity investees | 1.4 | 6.2 | 5.5 | 5.9 | 4.3 | 5.4 | |||||||||||||
Fixed charges | 12.6 | 47.2 | 42.7 | 40.4 | 38.8 | 41.2 | |||||||||||||
Subtract preference dividend requirement | 1.3 | 4.9 | 4.7 | 4.6 | 4.8 | 4.8 | |||||||||||||
Total earnings as defined | $ | 62.9 | $ | 196.4 | $ | 161.5 | $ | 189.4 | $ | 156.9 | $ | 165.1 | |||||||
FIXED CHARGES | |||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 8.9 | $ | 29.4 | $ | 29.8 | $ | 29.9 | $ | 27.8 | $ | 27.2 | |||||||
Other interest | 2.0 | 11.2 | 6.5 | 4.5 | 4.9 | 7.9 | |||||||||||||
Interest factor applicable to rentals | 0.4 | 1.7 | 1.7 | 1.4 | 1.3 | 1.3 | |||||||||||||
Fixed charges before preferred dividend requirement | $ | 11.3 | $ | 42.3 | $ | 38.0 | $ | 35.8 | $ | 34.0 | $ | 36.4 | |||||||
Ratio of earnings to fixed charges | 5.6 | 4.6 | 4.3 | 5.3 | 4.6 | 4.5 | |||||||||||||
Preferred dividends (grossed up) (see below) | $ | 1.3 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | |||||||
Total fixed charges including preferred dividend | $ | 12.6 | $ | 47.2 | $ | 42.7 | $ | 40.4 | $ | 38.8 | $ | 41.2 | |||||||
Ratio of earnings to fixed charges and preferred dividends | 5.0 | 4.2 | 3.8 | 4.7 | 4.0 | 4.0 | |||||||||||||
PREFERRED DIVIDEND CALCULATION: | |||||||||||||||||||
Preferred dividends | $ | 0.8 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | |||||||
Tax rate | 38.2 | % | 36.6 | % | 34.5 | % | 32.4 | % | 35.6 | % | 35.0 | % | |||||||
Preferred dividends (grossed up) | $ | 1.3 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | |||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2007 Q1 Quarterly report
Filed: 9 May 07, 12:00am