Wisconsin Public Service (WSPBP) 10-K2006 FY Annual report

Filed: 28 Feb 07, 12:00am

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New words: accuracy, add, AFR, arbitrage, Bailey, baseline, behavior, Bemidji, biennial, Border, Brodsky, Carlo, Centra, Century, CEO, CFO, Chair, Chairman, Chapter, charitable, Chicago, Clair, CLC, Cloquet, Colorado, commonly, Commonwealth, Connecticut, contemplated, coordinating, Corona, covenant, Decree, Denver, Desiree, desulfurization, deviate, Diana, dictate, dictated, discretionary, diverse, diversion, divestiture, divesture, Doyle, drilling, dry, Eagan, earliest, East, embedded, energized, ensuing, ESCO, evidenced, Fairmount, FAS, Ferguson, filer, flue, footnote, Frontier, GE, geographically, Governor, Granholm, Great, Hampshire, hand, home, host, hybrid, ICC, ICE, illiquid, imprecise, imputed, incomplete, intrinsic, involuntary, JP, judicial, junior, Kauffman, Keith, language, Lark, Lavin, leadership, lieu, lifetime, LP, machine, MERC, MGUC, Michael, migration, mineral, moderate, Monte, mortality, Mowhawk, MPUC, Nardi, narrative, NNG, nonfinancial, notch, notional, onshore, Operationally, opted, organizational, outsourcing, overlapping, Panhandle, penalty, PEP, Peter, philosophy, platform, precipitation, predominantly, prejudice, premature, prepaid, prolonged, prove, proved, proximity, PSC, PSD, rail, Randolph, ratification, ratified, recalculate, recalculated, recalculation, reconcile, redesignation, redundant, reevaluate, reform, refurbished, repaid, revoke, revoked, Rockford, Rosemount, RSG, saving, scale, scrubber, SERP, shell, ship, Shore, shortly, simultaneously, situation, soil, Spruce, stipulated, stipulation, stop, synergy, TEG, Tenaska, timeline, today, Township, track, twelve, unclear, uncontested, unhedged, unprofitable, unreduced, unresolved, unused, unvested, USA, ventilating, Vice, Village, volumetric, Wachovia, Ward, Wedge, window, won, WRPC, WSCC

Removed: acceptable, accurate, advice, ahead, assistance, barrier, bore, Btu, Calpine, caution, claiming, CMS, compete, comprising, concluding, concurrent, continuation, credited, decommission, deconsolidated, deconsolidation, defense, depleted, depressed, earn, easier, economy, emerging, ending, escalating, Excise, farmer, flexible, force, formed, gradual, grew, implementing, improving, individualized, inflationary, insight, involvement, joining, leading, lose, machinery, manager, mandatorily, mature, meaningful, member, Mercantile, movement, nuisance, offload, organization, overbuilding, partner, pledge, practical, preclude, precluding, preference, pressure, pressurized, reach, reclassification, redeemed, rescinded, rescission, reversed, reviewed, satisfied, scheduling, semiannual, shift, silt, smaller, speculative, spending, spread, stable, study, submit, supposedly, surcharge, syndicated, Task, tort, unaffiliated, unchanged, uniquely, utilization, viewed, weaker, Wyman

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													Exhibit 12.1

Integrys Energy Group, Inc.
Ratio of Earnings to Fixed Charges


(Millions)	2006			2005			2004			2003			2002
EARNINGS
Income available to common shareholders	$	155.8		$	157.4		$	139.7		$	94.7		$	109.4
Discontinued operations, net of tax		(7.30	)		(11.50	)		13.80			15.70			7.00
Cumulative effect of change in accounting principles, net of tax		-			1.6			-			(3.2	)		-
Federal and state income taxes		45.0			39.6			30.4			33.3			28.7

Pretax earnings from continuing operations		193.5			187.1			183.9			140.5			145.1

Loss (income) from less than 50% equity investees		(16.6	)		(10.3	)		(3.6	)		4.2			4.1
Distributed earnings of less than 50% equity investees		29.6			17.8			11.7			7.5			7.0

Fixed charges		107.0			69.5			61.5			63.2			63.5

Subtract:
Preferred dividend requirement		5.3			4.9			4.7			4.9			4.8
Minority interest		3.8			4.5			3.4			5.6			-
Total earnings as defined	$	304.4		$	254.7		$	245.4		$	204.9		$	214.9

FIXED CHARGES
Interest on long-term debt, including related amortization	$	54.3		$	51.2		$	48.9		$	47.6		$	43.3
Other interest		45.1			11.2			6.0			5.5			10.2
Distributions - preferred securities of subsidiary trust		-			-			-			3.5			3.5
Interest factor applicable to rentals		2.3			2.2			1.9			1.7			1.7
Preferred dividends (grossed up) (see below)		5.3			4.9			4.7			4.9			4.8

Total fixed charges	$	107.0		$	69.5		$	61.5		$	63.2		$	63.5

Ratio of earnings to fixed charges		2.8			3.7			4.0			3.2			3.4


PREFERRED DIVIDEND CALCULATION:

Preferred dividends	$	3.1		$	3.1		$	3.1		$	3.1		$	3.1

Tax rate *		41.7	%		36.9	%		33.7	%		36.5	%		35.8	%

Preferred dividends (grossed up)	$	5.3		$	4.9		$	4.7		$	4.9		$	4.8


* The tax rate has been adjusted to exclude the impact of tax credits.