Wisconsin Public Service (WSPBP) 10-K 2009 FY Annual report

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
(Millions)	2009			2008			2007			2006			2005
EARNINGS
Net Income	$	120.4		$	132.3		$	113.3		$	102.1		$	84.5
Provision for income taxes		68.0			73.1			66.8			58.3			44.1
Income before taxes		188.4			205.4			180.1			160.4			128.6
Less: Undistributed earnings of less than 50% owned affiliates		(1.8	)		(2.2	)		(2.5	)		(3.2	)		(2.0	)
Adjusted income from continuing operations before income taxes		186.6			203.2			177.6			157.2			126.6
Total fixed charges as defined		58.5			48.1			45.3			42.3			38.0
Total earnings as defined	$	245.1		$	251.3		$	222.9		$	199.5		$	164.6
FIXED CHARGES
Interest expense	$	54.0		$	44.0		$	43.5		$	40.4		$	35.9
Allowance for funds used during construction		2.0			1.8			0.3			0.2			0.4
Interest factor applicable to rentals		2.5			2.3			1.5			1.7			1.7
Total fixed charges as defined	$	58.5		$	48.1		$	45.3		$	42.3		$	38.0
Preferred stock dividend requirements *		4.9			4.8			4.9			4.9			4.7
Total fixed charges and preferred stock dividend requirements	$	63.4		$	52.9		$	50.2		$	47.2		$	42.7
RATIO OF EARNINGS TO FIXED CHARGES		4.2			5.2			4.9			4.7			4.3
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS		3.9			4.7			4.4			4.2			3.9
* Represents preferred stock dividend requirements of Wisconsin Public Service computed by dividing the preferred stock dividend requirements by 100% minus the income tax rate.