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) | 6 months | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Earnings on common stock | $ | 46.0 | $ | 99.0 | $ | 81.4 | $ | 104.8 | $ | 78.9 | $ | 83.1 | ||||||||||||
Federal and state income taxes | 28.5 | 58.3 | 44.1 | 51.3 | 45.7 | 46.8 | ||||||||||||||||||
Net pretax income | 74.5 | 157.3 | 125.5 | 156.1 | 124.6 | 129.9 | ||||||||||||||||||
(Income) from less than 50% equity investees | (4.4 | ) | (9.4 | ) | (7.5 | ) | (8.4 | ) | (6.0 | ) | (6.6 | ) | ||||||||||||
Distributed earnings of less than 50% equity investees | 3.1 | 6.2 | 5.5 | 5.9 | 4.3 | 5.4 | ||||||||||||||||||
Fixed charges | 25.1 | 47.2 | 42.7 | 40.4 | 38.8 | 41.2 | ||||||||||||||||||
Subtract preference dividend requirement | 2.6 | 4.9 | 4.7 | 4.6 | 4.8 | 4.8 | ||||||||||||||||||
Total earnings as defined | $ | 96.0 | $ | 196.4 | $ | 161.5 | $ | 189.4 | $ | 156.9 | $ | 165.1 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 17.7 | $ | 29.4 | $ | 29.8 | $ | 29.9 | $ | 27.8 | $ | 27.2 | ||||||||||||
Other interest | 4.0 | 11.2 | 6.5 | 4.5 | 4.9 | 7.9 | ||||||||||||||||||
Interest factor applicable to rentals | 0.8 | 1.7 | 1.7 | 1.4 | 1.3 | 1.3 | ||||||||||||||||||
Fixed charges before preferred dividend requirement | $ | 22.5 | $ | 42.3 | $ | 38.0 | $ | 35.8 | $ | 34.0 | $ | 36.4 | ||||||||||||
Ratio of earnings to fixed charges | 4.3 | 4.6 | 4.3 | 5.3 | 4.6 | 4.5 | ||||||||||||||||||
Preferred dividends (grossed up) (see below) | $ | 2.6 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | ||||||||||||
Total fixed charges including preferred dividend | $ | 25.1 | $ | 47.2 | $ | 42.7 | $ | 40.4 | $ | 38.8 | $ | 41.2 | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 3.8 | 4.2 | 3.8 | 4.7 | 4.0 | 4.0 | ||||||||||||||||||
PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||||||||||
Preferred dividends | $ | 1.6 | $ | 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) | $ | 2.6 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | ||||||||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2007 Q2 Quarterly report
Filed: 8 Aug 07, 12:00am