| Exhibit 12.1 | ||||||||||||||||
| WPS Resources Corporation | ||||||||||||||||
| Ratio of Earnings to Fixed Charges | ||||||||||||||||
| (Millions) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
| EARNINGS | ||||||||||||||||
| Income available to common shareholders | $ | 157.4 | $ | 139.7 | $ | 94.7 | $ | 109.4 | $ | 77.6 | ||||||
| Cumulative effect of change in accounting principles | 1.6 | - | (3.2 | ) | - | - | ||||||||||
| Federal and state income taxes | 46.7 | 21.7 | 27.0 | 24.8 | 4.8 | |||||||||||
| Pretax earnings | 205.7 | 161.4 | 118.5 | 134.2 | 82.4 | |||||||||||
| Loss (income) from less than 50% equity investees | (10.3 | ) | (3.6 | ) | 4.2 | 4.1 | (6.5 | ) | ||||||||
| Distributed earnings of less than 50% equity investees | 17.8 | 11.7 | 7.5 | 7.0 | 3.5 | |||||||||||
| Fixed charges | 80.0 | 66.9 | 69.6 | 69.4 | 68.2 | |||||||||||
| Subtract: | ||||||||||||||||
| Preferred dividend requirement | 4.9 | 4.6 | 5.1 | 4.9 | 4.6 | |||||||||||
| Minority interest | 4.5 | 3.4 | 5.6 | - | - | |||||||||||
| Total earnings as defined | $ | 283.8 | $ | 228.4 | $ | 189.1 | $ | 209.8 | $ | 143.0 | ||||||
| FIXED CHARGES | ||||||||||||||||
| Interest on long-term debt, including related amortization | $ | 62.1 | $ | 54.4 | $ | 53.8 | $ | 49.1 | $ | 45.6 | ||||||
| Other interest | 10.8 | 6.0 | 5.5 | 10.2 | 12.2 | |||||||||||
| Distributions - preferred securities of subsidiary trust | - | - | 3.5 | 3.5 | 3.5 | |||||||||||
| Interest factor applicable to rentals | 2.2 | 1.9 | 1.7 | 1.7 | 2.3 | |||||||||||
| Preferred dividends (grossed up) (see below) | 4.9 | 4.6 | 5.1 | 4.9 | 4.6 | |||||||||||
| Total fixed charges | $ | 80.0 | $ | 66.9 | $ | 69.6 | $ | 69.4 | $ | 68.2 | ||||||
| Ratio of earnings to fixed charges | 3.5 | 3.4 | 2.7 | 3.0 | 2.1 | |||||||||||
| PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||
| Preferred dividends | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | ||||||
| Tax rate * | 36.9 | % | 33.3 | % | 38.7 | % | 36.4 | % | 32.9 | % | ||||||
| Preferred dividends (grossed up) | $ | 4.9 | $ | 4.6 | $ | 5.1 | $ | 4.9 | $ | 4.6 | ||||||
| * The tax rate has been adjusted to exclude the impact of tax credits. | ||||||||||||||||
Wisconsin Public Service (WSPBP)
Filed: 28 Feb 06, 12:00am