Exhibit 12.3
WISCONSIN POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS
Nine Months | ||||||||
Ended Sep. 30, | Years Ended Dec. 31, | |||||||
2006 | 2005 | 2005* | 2004 | 2003 | 2002 | 2001 | ||
(dollars in millions) | ||||||||
EARNINGS: | ||||||||
Net income | $73.2 | $73.9 | $105.1 | $113.7 | $114.9 | $80.9 | $73.5 | |
Income taxes | 44.1 | 41.8 | 60.9 | 66.3 | 65.8 | 44.7 | 41.2 | |
Income before income taxes | 117.3 | 115.7 | 166.0 | 180.0 | 180.7 | 125.6 | 114.7 | |
Fixed charges as defined | 65.5 | 56.5 | 73.9 | 56.6 | 47.7 | 49.2 | 51.6 | |
Adjustment for undistributed equity earnings | (3.5) | (0.5) | (1.6) | (4.5) | (6.7) | (3.8) | (7.1) | |
Total earnings as defined | $179.3 | $171.7 | $238.3 | $232.1 | $221.7 | $171.0 | $159.2 | |
FIXED CHARGES: | ||||||||
Interest expense | $36.3 | $29.7 | $40.4 | $33.5 | $37.9 | $40.2 | $43.5 | |
Estimated interest component of rent expense | 29.2 | 26.8 | 33.5 | 23.1 | 9.8 | 9.0 | 8.1 | |
Total fixed charges as defined | $65.5 | $56.5 | $73.9 | $56.6 | $47.7 | $49.2 | $51.6 | |
Ratio of Earnings to Fixed Charges (Unaudited) | 2.74 | 3.04 | 3.22 | 4.10 | 4.65 | 3.48 | 3.09 | |
Preferred dividend requirements (pre-tax basis) * | $4.0 | $3.9 | $5.2 | $5.2 | $5.2 | $5.1 | $5.1 | |
Fixed charges and preferred dividend requirements | $69.5 | $60.4 | $79.1 | $61.8 | $52.9 | $54.3 | $56.7 | |
Ratio of Earnings to Combined Fixed Charges and | ||||||||
Preferred Dividend Requirements (Unaudited) | 2.58 | 2.84 | 3.01 | 3.76 | 4.19 | 3.15 | 2.81 | |
* Preferred dividend requirements (pre-tax basis) are computed by dividing the preferred dividend requirements by one hundred percent minus the respective year-to-date effective income tax rate.