Exhibit 12.1 | ||||||
WPS Resources Corporation | ||||||
2005 | ||||||
(Millions) | 6 Months | 2004 | 2003 | 2002 | 2001 | 2000 |
EARNINGS | ||||||
Income available to common shareholders | $89.8 | $139.7 | $94.7 | $109.4 | $77.6 | $67.0 |
Cumulative effect of change in accounting principles | - | - | (3.2) | - | - | - |
Federal and state income taxes | 23.6 | 21.7 | 27.0 | 24.8 | 4.8 | 6.0 |
Pretax earnings | 113.4 | 161.4 | 118.5 | 134.2 | 82.4 | 73.0 |
Loss (income) from less than 50% equity investees | (3.6) | (3.6) | 4.2 | 4.1 | (6.5) | - |
Distributed earnings of less than 50% equity investees | 7.7 | 11.7 | 7.5 | 7.0 | 3.5 | - |
Fixed charges | 44.6 | 66.9 | 69.6 | 69.4 | 68.2 | 63.6 |
Subtract: | ||||||
Preferred dividend requirement | 2.6 | 4.6 | 5.1 | 4.9 | 4.6 | 4.6 |
Minority interest | 2.2 | 3.4 | 5.6 | - | - | - |
Total earnings as defined | $157.3 | $228.4 | $189.1 | $209.8 | $143.0 | $132.0 |
FIXED CHARGES | ||||||
Interest on long-term debt, including related amortization | $35.6 | $54.4 | $53.8 | $49.1 | $45.6 | $41.7 |
Other interest | 5.3 | 6.0 | 5.5 | 10.2 | 12.2 | 11.9 |
Distributions - preferred securities of subsidiary trust | - | - | 3.5 | 3.5 | 3.5 | 3.5 |
Interest factor applicable to rentals | 1.1 | 1.9 | 1.7 | 1.7 | 2.3 | 1.9 |
Preferred dividends (grossed up) (see below) | 2.6 | 4.6 | 5.1 | 4.9 | 4.6 | 4.6 |
Total fixed charges | $44.6 | $66.9 | $69.6 | $69.4 | $68.2 | $63.6 |
Ratio of earnings to fixed charges | 3.5 | 3.4 | 2.7 | 3.0 | 2.1 | 2.1 |
PREFERRED DIVIDEND CALCULATION: | ||||||
Preferred dividends | $1.6 | $3.1 | $3.1 | $3.1 | $3.1 | $3.1 |
Tax rate * | 39.3% | 33.3% | 38.7% | 36.4% | 32.9% | 33.3% |
Preferred dividends (grossed up) | $2.6 | $4.6 | $5.1 | $4.9 | $4.6 | $4.6 |
* The tax rate has been adjusted to exclude the impact of tax credits. | ||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2005 Q2 Quarterly report
Filed: 4 Aug 05, 12:00am