Wisconsin Public Service (WSPBP) 10-K 2011 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

	For the Years Ended December 31
(Millions, except ratio)	2011			2010			2009			2008			2007
EARNINGS
Net income from continuing operations	$	125.9		$	135.0		$	120.4		$	132.3		$	113.3
Provision for income taxes	73.2			78.0			68.0			73.1			66.8
Income from continuing operations before income taxes	199.1			213.0			188.4			205.4			180.1
Less: Undistributed earnings of less than 50% owned affiliates	(1.8		)	(1.7		)	(1.8		)	(2.2		)	(2.5		)
Adjusted income from continuing operations before income taxes	197.3			211.3			186.6			203.2			177.6
Total fixed charges as defined	51.3			56.9			58.5			48.1			45.3
Total earnings as defined	$	248.6		$	268.2		$	245.1		$	251.3		$	222.9
FIXED CHARGES
Interest expense	$	49.5		$	54.4		$	54.0		$	44.0		$	43.5
Allowance for funds used during construction	0.2			0.3			2.0			1.8			0.3
Interest factor applicable to rentals	1.6			2.2			2.5			2.3			1.5
Total fixed charges as defined	$	51.3		$	56.9		$	58.5		$	48.1		$	45.3
Preferred stock dividend requirements *	5.2			5.2			4.9			4.8			4.9
Total fixed charges and preferred stock dividend requirements	$	56.5		$	62.1		$	63.4		$	52.9		$	50.2
RATIO OF EARNINGS TO FIXED CHARGES	4.8			4.7			4.2			5.2			4.9
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS	4.4			4.3			3.9			4.7			4.4

* Represents preferred stock dividend requirements of WPS computed by dividing the preferred stock dividend requirements by 100% minus the income tax rate.