Exhibit 12.1
CMS Energy Corporation
Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
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| In Millions, Except Ratios |
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| Three Months |
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| Ended |
| Year Ended December 31 |
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| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Earnings as defined1 |
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Pretax income from continuing operations |
| $ | 295 |
| $ | 826 |
| $ | 796 |
| $ | 729 |
| $ | 756 |
| $ | 622 |
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Exclude equity basis subsidiaries |
| (4 | ) | (2 | ) | (2 | ) | (1 | ) | (2 | ) | (7 | ) | ||||||
Fixed charges as defined2 |
| 116 |
| 469 |
| 421 |
| 432 |
| 423 |
| 414 |
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Earnings as defined2 |
| $ | 407 |
| $ | 1,293 |
| $ | 1,215 |
| $ | 1,160 |
| $ | 1,177 |
| $ | 1,029 |
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Fixed charges as defined1 |
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Interest on long-term debt |
| $ | 100 |
| $ | 411 |
| $ | 386 |
| $ | 393 |
| $ | 385 |
| $ | 372 |
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Estimated interest portion of lease rental |
| 8 |
| 29 |
| 21 |
| 21 |
| 21 |
| 21 |
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Other interest charges |
| 8 |
| 31 |
| 16 |
| 19 |
| 18 |
| 23 |
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Fixed charges as defined2 |
| $ | 116 |
| $ | 471 |
| $ | 423 |
| $ | 433 |
| $ | 424 |
| $ | 416 |
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Preferred dividends |
| - |
| - |
| - |
| - |
| - |
| - |
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Combined fixed charges and preferred dividends |
| $ | 116 |
| $ | 471 |
| $ | 423 |
| $ | 433 |
| $ | 424 |
| $ | 416 |
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Ratio of earnings to fixed charges |
| 3.51 |
| 2.75 |
| 2.87 |
| 2.68 |
| 2.78 |
| 2.47 |
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Ratio of earnings to combined fixed charges and preferred dividends |
| 3.51 |
| 2.75 |
| 2.87 |
| 2.68 |
| 2.78 |
| 2.47 |
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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.