Exhibit 12 | ||||||||||||||||||||
Wisconsin Public Service Corporation | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges and | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | ||||||||||||||||||||
2008 | ||||||||||||||||||||
(Millions) | 3 months | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
EARNINGS | ||||||||||||||||||||
Earnings on common stock | $ | 30.1 | $ | 110.2 | $ | 99.0 | $ | 81.4 | $ | 104.8 | ||||||||||
Federal and state income taxes | 16.4 | 66.8 | 58.3 | 44.1 | 51.3 | |||||||||||||||
Net pretax income | 46.5 | 177.0 | 157.3 | 125.5 | 156.1 | |||||||||||||||
(Income) from less than 50% equity investees | 2.3 | (9.3 | ) | (9.4 | ) | (7.5 | ) | (8.4 | ) | |||||||||||
Distributed earnings of less than 50% equity investees | 1.6 | 6.8 | 6.2 | 5.5 | 5.9 | |||||||||||||||
Fixed charges | 12.9 | 50.2 | 47.2 | 42.7 | 40.4 | |||||||||||||||
Subtract preference dividend requirement | 1.2 | 4.9 | 4.9 | 4.7 | 4.6 | |||||||||||||||
Total earnings as defined | $ | 62.1 | $ | 219.8 | $ | 196.4 | $ | 161.5 | $ | 189.4 | ||||||||||
FIXED CHARGES | ||||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 10.5 | $ | 36.0 | $ | 29.4 | $ | 29.8 | $ | 29.9 | ||||||||||
Other interest | 0.8 | 7.8 | 11.2 | 6.5 | 4.5 | |||||||||||||||
Interest factor applicable to rentals | 0.4 | 1.5 | 1.7 | 1.7 | 1.4 | |||||||||||||||
Fixed charges before preferred dividend requirement | $ | 11.7 | $ | 45.3 | $ | 42.3 | $ | 38.0 | $ | 35.8 | ||||||||||
Ratio of earnings to fixed charges | 5.3 | 4.9 | 4.6 | 4.3 | 5.3 | |||||||||||||||
Preferred dividends (grossed up) (see below) | $ | 1.2 | $ | 4.9 | $ | 4.9 | $ | 4.7 | $ | 4.6 | ||||||||||
Total fixed charges including preferred dividend | $ | 12.9 | $ | 50.2 | $ | 47.2 | $ | 42.7 | $ | 40.4 | ||||||||||
Ratio of earnings to fixed charges and preferred dividends | 4.8 | 4.4 | 4.2 | 3.8 | 4.7 | |||||||||||||||
PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||||||
Preferred dividends | $ | 0.8 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | ||||||||||
Tax rate | 34.8 | % | 37.3 | % | 36.6 | % | 34.5 | % | 32.4 | % | ||||||||||
Preferred dividends (grossed up) | $ | 1.2 | $ | 4.9 | $ | 4.9 | $ | 4.7 | $ | 4.6 | ||||||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2008 Q1 Quarterly report
Filed: 8 May 08, 12:00am