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Exhibit 12.1
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Combined Fixed Charges
and Preferred Dividends
In Millions, Except Ratios | |||||||||||
Years Ended December 31 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||
Earnings as defined1 | |||||||||||
Pretax income from continuing operations | $ 622 | $ 606 | $ 590 | $ 335 | $ 440 | ||||||
Exclude equity basis subsidiaries | (7 | ) | (1 | ) | (2 | ) | 2 | (1 | ) | ||
Fixed charges as defined2 | 414 | 437 | 449 | 456 | 429 | ||||||
Earnings as defined2 | $ 1,029 | $ 1,042 | $ 1,037 | $ 793 | $ 868 | ||||||
Fixed charges as defined1 | |||||||||||
Interest on long-term debt | $ 372 | $ 396 | $ 394 | $ 383 | $ 371 | ||||||
Estimated interest portion of lease rental | 21 | 18 | 16 | 17 | 25 | ||||||
Other interest charges | 23 | 25 | 42 | 58 | 35 | ||||||
Fixed charges as defined2 | 416 | 439 | 452 | 458 | 431 | ||||||
Preferred dividends | – | – | 13 | 17 | 17 | ||||||
Combined fixed charges and preferred dividends | $ 416 | $ 439 | $ 465 | $ 475 | $ 448 | ||||||
Ratio of earnings to fixed charges | 2.47 | 2.37 | 2.29 | 1.73 | 2.01 | ||||||
Ratio of earnings to combined fixed charges and preferred dividends | 2.47 | 2.37 | 2.23 | 1.67 | 1.94 | ||||||
NOTES:
- 1
- Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
- 2
- Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.
CMS ENERGY CORPORATION Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends