Exhibit 12 | ||||||||||||||||||||||||
WISCONSIN PUBLIC SERVICE CORPORATION | ||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND | ||||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||||||||
2009 | ||||||||||||||||||||||||
(Millions) | 9 Months | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Net Income from continuing operations | $ | 109.9 | $ | 132.3 | $ | 113.3 | $ | 102.1 | $ | 84.5 | $ | 107.9 | ||||||||||||
Provision for income taxes | 59.4 | 73.1 | 66.8 | 58.3 | 44.1 | 51.3 | ||||||||||||||||||
Income from continuing operations before income taxes | 169.3 | 205.4 | 180.1 | 160.4 | 128.6 | 159.2 | ||||||||||||||||||
Less: Undistributed earnings of less than 50% owned affiliates | (1.3 | ) | (2.2 | ) | (2.5 | ) | (3.2 | ) | (2.0 | ) | (2.5 | ) | ||||||||||||
Adjusted income from continuing operations before income taxes | 168.0 | 203.2 | 177.6 | 157.2 | 126.6 | 156.7 | ||||||||||||||||||
Total fixed charges as defined | 43.1 | 48.1 | 45.3 | 42.3 | 38.0 | 35.8 | ||||||||||||||||||
Total earnings as defined | $ | 211.1 | $ | 251.3 | $ | 222.9 | $ | 199.5 | $ | 164.6 | $ | 192.5 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest expense | $ | 40.3 | $ | 44.0 | $ | 43.5 | $ | 40.4 | $ | 35.9 | $ | 33.7 | ||||||||||||
Allowance for funds used during construction | 1.6 | 1.8 | 0.3 | 0.2 | 0.4 | 0.7 | ||||||||||||||||||
Interest factor applicable to rentals | 1.2 | 2.3 | 1.5 | 1.7 | 1.7 | 1.4 | ||||||||||||||||||
Total fixed charges as defined | $ | 43.1 | $ | 48.1 | $ | 45.3 | $ | 42.3 | $ | 38.0 | $ | 35.8 | ||||||||||||
Preferred stock dividend requirements * | 3.5 | 4.8 | 4.9 | 4.9 | 4.7 | 4.6 | ||||||||||||||||||
Total fixed charges and preferred stock dividend requirements | $ | 46.6 | $ | 52.9 | $ | 50.2 | $ | 47.2 | $ | 42.7 | $ | 40.4 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.9 | 5.2 | 4.9 | 4.7 | 4.3 | 5.4 | ||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS | 4.5 | 4.7 | 4.4 | 4.2 | 3.9 | 4.8 | ||||||||||||||||||
* Represents preferred stock dividend requirements of Wisconsin Public Service computed by dividing the preferred stock dividend requirements by 100% minus the income tax rate. | ||||||||||||||||||||||||
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10-Q Filing
Wisconsin Public Service (WSPBP) 10-Q2009 Q3 Quarterly report
Filed: 5 Nov 09, 12:00am