Exhibit 12 | ||||||||||||||||||||||||
Wisconsin Public Service Corporation | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges and | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | ||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||
(Millions) | 9 months | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Earnings on common stock | $ | 102.0 | $ | 110.2 | $ | 99.0 | $ | 81.4 | $ | 104.8 | $ | 78.9 | ||||||||||||
Federal and state income taxes | 57.9 | 66.8 | 58.3 | 44.1 | 51.3 | 45.7 | ||||||||||||||||||
Net pretax income | 159.9 | 177.0 | 157.3 | 125.5 | 156.1 | 124.6 | ||||||||||||||||||
(Income) from less than 50% equity investees | (7.4 | ) | (9.3 | ) | (9.4 | ) | (7.5 | ) | (8.4 | ) | (6.0 | ) | ||||||||||||
Distributed earnings of less than 50% equity investees | 5.6 | 6.8 | 6.2 | 5.5 | 5.9 | 4.3 | ||||||||||||||||||
Fixed charges | 40.1 | 50.2 | 47.2 | 42.7 | 40.4 | 38.8 | ||||||||||||||||||
Subtract preference dividend requirement | 3.6 | 4.9 | 4.9 | 4.7 | 4.6 | 4.8 | ||||||||||||||||||
Total earnings as defined | $ | 194.6 | $ | 219.8 | $ | 196.4 | $ | 161.5 | $ | 189.4 | $ | 156.9 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 31.6 | $ | 36.0 | $ | 29.4 | $ | 29.8 | $ | 29.9 | $ | 27.8 | ||||||||||||
Other interest | 3.2 | 7.8 | 11.2 | 6.5 | 4.5 | 4.9 | ||||||||||||||||||
Interest factor applicable to rentals | 1.7 | 1.5 | 1.7 | 1.7 | 1.4 | 1.3 | ||||||||||||||||||
Fixed charges before preferred dividend requirement | $ | 36.5 | $ | 45.3 | $ | 42.3 | $ | 38.0 | $ | 35.8 | $ | 34.0 | ||||||||||||
Ratio of earnings to fixed charges | 5.3 | 4.9 | 4.6 | 4.3 | 5.3 | 4.6 | ||||||||||||||||||
Preferred dividends (grossed up) (see below) | $ | 3.6 | $ | 4.9 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | ||||||||||||
Total fixed charges including preferred dividend | $ | 40.1 | $ | 50.2 | $ | 47.2 | $ | 42.7 | $ | 40.4 | $ | 38.8 | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 4.9 | 4.4 | 4.2 | 3.8 | 4.7 | 4.0 | ||||||||||||||||||
PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||||||||||
Preferred dividends | $ | 2.3 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | ||||||||||||
Tax rate | 35.8 | % | 37.3 | % | 36.6 | % | 34.5 | % | 32.4 | % | 35.6 | % | ||||||||||||
Preferred dividends (grossed up) | $ | 3.6 | $ | 4.9 | $ | 4.9 | $ | 4.7 | $ | 4.6 | $ | 4.8 | ||||||||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2008 Q3 Quarterly report
Filed: 6 Nov 08, 12:00am