Exhibit 12.1
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
In Millions, Except Ratios | ||||||||||||||||||||||||
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Three Months Ended | Year Ended December 31 | |||||||||||||||||||||||
March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 20071 | |||||||||||||||||||
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Earnings as defined2 | ||||||||||||||||||||||||
Pretax income from continuing operations | $ 98 | $ | 606 | $ | 590 | $ | 335 | $ | 440 | $ | (317) | |||||||||||||
Exclude equity basis subsidiaries | (3) | (1 | ) | (2 | ) | 2 | (1 | ) | (22) | |||||||||||||||
Fixed charges as defined3 | 104 | 437 | 449 | 456 | 429 | 489 | ||||||||||||||||||
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Earnings as defined3 | $ 199 | $ | 1,042 | $ | 1,037 | $ | 793 | $ | 868 | $ | 150 | |||||||||||||
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Fixed charges as defined2 | ||||||||||||||||||||||||
Interest on long-term debt | $ 94 | $ | 396 | $ | 394 | $ | 383 | $ | 371 | $ | 415 | |||||||||||||
Estimated interest portion of lease rental | 4 | 18 | 16 | 17 | 25 | 23 | ||||||||||||||||||
Other interest charges | 6 | 25 | 42 | 58 | 35 | 53 | ||||||||||||||||||
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Fixed charges as defined3 | $ 104 | $ | 439 | $ | 452 | $ | 458 | $ | 431 | $ | 491 | |||||||||||||
Preferred dividends | - | - | 13 | 17 | 17 | 12 | ||||||||||||||||||
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Combined fixed charges and preferred dividends | $ 104 | $ | 439 | $ | 465 | $ | 475 | $ | 448 | $ | 503 | |||||||||||||
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Ratio of earnings to fixed charges | 1.91 | 2.37 | 2.29 | 1.73 | 2.01 | - | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred dividends | 1.91 | 2.37 | 2.23 | 1.67 | 1.94 | - | ||||||||||||||||||
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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. |