Vectren Utility Inactive 10-Q2013 Q1 Quarterly report

Filed: 14 May 13, 12:00am

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Readability	8th grade Bad

New words: add, added, AGC, alleging, AOCI, arrangement, bifurcated, callable, clarification, clarity, close, colder, commitment, compressor, correlation, deadline, declined, discharge, division, DRR, effluent, eligible, embedded, entered, entirety, entity, extend, fine, firm, focusing, hedging, hour, hydrostatic, ii, insignificant, inspect, intensity, intent, landfill, largest, lending, Likewise, long, master, Midcontinent, Minnesota, missed, necessitated, negotiated, northern, output, partially, passed, pipe, pump, purpose, quantified, reclassification, redeemed, redeeming, redemption, refinance, refinery, rehearing, reissuing, remarketed, repurchase, residence, reverse, routine, rural, satisfaction, steam, stricter, substation, supplier, terminal, Testimony, thereof, tower, unconditionally, VUHI, Warrick, wind

Removed: accelerating, accessing, adequate, adjust, amended, amortization, assessment, asset, automatic, average, bidding, bringing, Brotherhood, burning, calculate, claiming, clarify, comparability, complement, connect, consecutive, consistency, consolidation, continuation, converted, Core, declaratory, decoupled, decoupling, defense, defer, dense, direction, disclosing, divided, docket, DSM, Electrical, enhance, evidence, extension, facilitate, forecasted, formal, fourth, goodwill, impairment, incentive, indemnification, installation, integrity, International, inventory, judgment, lawsuit, leading, leg, liable, linked, LLC, longer, low, matured, measured, measurement, measuring, meeting, modernization, monitor, negative, occur, OCI, option, pack, partnership, Periodically, positive, positively, presentation, previously, principle, procedural, procurement, pursue, reached, receive, reconciled, reconnect, reflecting, regularly, reliable, renewed, reopen, repay, replaced, requested, retrospective, RFP, riser, ruled, run, sale, saving, schedule, seeking, settled, side, sinking, spring, staging, statewide, statute, suite, summary, threshold, unutilized, upgrade, warmer, winter

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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands, Except Ratios)



	Twelve months		Twelve months		Twelve months		Three months		Three months
	Ended		Ended		Ended		Ended		Ended
	March 31,		December 31,		December 31,		March 31,		March 31,
	2013		2012		2011		2013		2012


Earnings: (1)
Net income	$	137,102	$	137,975	$	122,874	$	55,145	$	56,018
Income taxes	85,143		85,301		82,859		34,230		34,388
Fixed Charges (See below) (2)	72,003		71,862		80,650		17,939		17,798
Total adjusted earnings	$	294,248	$	295,138	$	286,383	$	107,314	$	108,204
Fixed charges: (2)
Total interest expense	$	71,613	$	71,475	$	80,281	$	17,851	$	17,713
Interest component of rents	390		387		369		88		85
Total fixed charges	$	72,003	$	71,862	$	80,650	$	17,939	$	17,798

Ratio of earnings to fixed charges	4.1		4.1		3.6		6.0		6.1

(1) For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges.

(2) Fixed charges consist of total interest, amortization of debt discount, premium and expense, and the estimated portion of interest implicit in rentals.