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 | ||||||||||||||||||||||||
Three Months Ended | For the Years Ending December 31 | |||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||
(Millions, except ratios) | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Net Income from continuing operations | $ | 44.3 | $ | 135.0 | $ | 120.4 | $ | 132.3 | $ | 113.3 | $ | 102.1 | ||||||||||||
Provision for income taxes | 23.1 | 78.0 | 68.0 | 73.1 | 66.8 | 58.3 | ||||||||||||||||||
Income from continuing operations before income taxes | 67.4 | 213.0 | 188.4 | 205.4 | 180.1 | 160.4 | ||||||||||||||||||
Less: Undistributed earnings of less than 50% owned affiliates | (0.4 | ) | (1.7 | ) | (1.8 | ) | (2.2 | ) | (2.5 | ) | (3.2 | ) | ||||||||||||
Adjusted income from continuing operations before income taxes | 67.0 | 211.3 | 186.6 | 203.2 | 177.6 | 157.2 | ||||||||||||||||||
Total fixed charges as defined | 14.8 | 56.9 | 58.5 | 48.1 | 45.3 | 42.3 | ||||||||||||||||||
Total earnings as defined | $ | 81.8 | $ | 268.2 | $ | 245.1 | $ | 251.3 | $ | 222.9 | $ | 199.5 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest expense | $ | 14.3 | $ | 54.4 | $ | 54.0 | $ | 44.0 | $ | 43.5 | $ | 40.4 | ||||||||||||
Allowance for funds used during construction | - | 0.3 | 2.0 | 1.8 | 0.3 | 0.2 | ||||||||||||||||||
Interest factor applicable to rentals | 0.5 | 2.2 | 2.5 | 2.3 | 1.5 | 1.7 | ||||||||||||||||||
Total fixed charges as defined | $ | 14.8 | $ | 56.9 | $ | 58.5 | $ | 48.1 | $ | 45.3 | $ | 42.3 | ||||||||||||
Preferred stock dividend requirements * | 1.3 | 5.2 | 4.9 | 4.8 | 4.9 | 4.9 | ||||||||||||||||||
Total fixed charges and preferred stock dividend requirements | $ | 16.1 | $ | 62.1 | $ | 63.4 | $ | 52.9 | $ | 50.2 | $ | 47.2 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 5.5 | 4.7 | 4.2 | 5.2 | 4.9 | 4.7 | ||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS | 5.1 | 4.3 | 3.9 | 4.7 | 4.4 | 4.2 | ||||||||||||||||||
* Represents preferred stock dividend requirements of WPS 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-Q2011 Q1 Quarterly report
Filed: 5 May 11, 12:00am