Exhibit 12.1
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
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| In Millions, Except Ratios | |||||||||||||
| Nine Months |
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| Year Ended December 31 |
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| September 30, 2012 |
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| 2011 |
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| 2010 |
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| 2009 |
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| 2008 |
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| 20071 |
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Earnings as defined2 |
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Pretax income from |
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continuing operations |
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| $ 513 |
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| $ 606 |
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| $ 590 |
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| $ 335 |
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| $ 440 |
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| $ (317 | ) | |
Exclude equity basis subsidiaries |
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| (6 | ) |
| (1) |
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| (2 | ) |
| 2 |
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| (1 | ) |
| (22 | ) | |
Fixed charges as defined3 |
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| 311 |
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| 437 |
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| 449 |
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| 456 |
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| 429 |
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| 489 |
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Earnings as defined3 |
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| $ 818 |
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| $ 1,042 |
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| $ 1,037 |
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| $ 793 |
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| $ 868 |
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| $ 150 |
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Fixed charges as defined2 |
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Interest on long-term debt |
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| $ 280 |
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| $ 396 |
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| $ 394 |
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| $ 383 |
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| $ 371 |
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| $ 415 |
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Estimated interest portion of lease rental |
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| 15 |
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| 18 |
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| 16 |
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| 17 |
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| 25 |
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| 23 |
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Other interest charges |
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| 17 |
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| 25 |
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| 42 |
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| 58 |
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| 35 |
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| 53 |
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Fixed charges as defined3 |
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| 312 |
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| 439 |
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| 452 |
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| 458 |
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| 431 |
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| 491 |
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Preferred dividends |
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| - |
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| - |
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| 13 |
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| 17 |
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| 17 |
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| 12 |
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Combined fixed charges and |
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preferred dividends |
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| $ 312 |
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| $ 439 |
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| $ 465 |
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| $ 475 |
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| $ 448 |
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| $ 503 |
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Ratio of earnings to fixed charges |
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| 2.62 |
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| 2.37 |
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| 2.29 |
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| 1.73 |
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| 2.01 |
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| - |
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Ratio of earnings to combined fixed |
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charges and preferred dividends |
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| 2.62 |
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| 2.37 |
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| 2.23 |
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| 1.67 |
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| 1.94 |
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| - |
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NOTES:
1 For the year ended December 31, 2007, fixed charges exceeded earnings by $341 million and combined fixed charges and preferred dividends exceeded earnings by $353 million. Earnings as defined include $204 million in asset impairment charges and a $279 million charge for an electric sales contract termination.
2 Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
3 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.