Exhibit 12.1
ALLIANT ENERGY CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
| Nine Months | |||||||||||||||
| Ended Sep. 30, | Years Ended Dec. 31, | ||||||||||||||
| 2008 | 2007 | 2007 | 2006 | 2005 (a) | 2004 | 2003 | |||||||||
| (dollars in millions) | |||||||||||||||
| EARNINGS: | |||||||||||||||
| Income from continuing operations | $229 | .0 | $226 | .4 | $424 | .7 | $338 | .3 | $56 | .4 | $218 | .4 | $151 | .7 | |
| Income tax expense (benefit) (b) | 118 | .8 | 134 | .9 | 255 | .8 | 203 | .0 | (52 | .9) | 91 | .2 | 75 | .6 | |
| Income from continuing operations before income taxes | 347 | .8 | 361 | .3 | 680 | .5 | 541 | .3 | 3 | .5 | 309 | .6 | 227 | .3 | |
| Fixed charges as defined | 138 | .9 | 141 | .1 | 185 | .6 | 213 | .4 | 226 | .7 | 238 | .8 | 247 | .1 | |
| Adjustment for undistributed equity earnings | (4 | .0) | (5 | .3) | (7 | .8) | (16 | .6) | (41 | .7) | (21 | .0) | (18 | .4) | |
| Less: | |||||||||||||||
| Interest capitalized | - | - | - | - | 3 | .4 | 5 | .4 | - | ||||||
| Preferred dividend requirements of subsidiaries (pre-tax basis) (c) | 20 | .8 | 21 | .9 | 29 | .5 | 29 | .3 | 5 | .5 | 25 | .9 | 24 | .5 | |
| Total earnings as defined | $461 | .9 | $475 | .2 | $828 | .8 | $708 | .8 | $179 | .6 | $496 | .1 | $431 | .5 | |
| FIXED CHARGES: | |||||||||||||||
| Interest expense | $90 | .0 | $86 | .3 | $116 | .7 | $145 | .7 | $175 | .8 | $176 | .9 | $205 | .1 | |
| Interest capitalized | - | - | - | - | 3 | .4 | 5 | .4 | - | ||||||
| Estimated interest component of rent expense | 28 | .1 | 32 | .9 | 39 | .4 | 38 | .4 | 42 | .0 | 30 | .6 | 17 | .5 | |
| Preferred dividend requirements of subsidiaries (pre-tax basis) (c) | 20 | .8 | 21 | .9 | 29 | .5 | 29 | .3 | 5 | .5 | 25 | .9 | 24 | .5 | |
| Total fixed charges as defined | $138 | .9 | $141 | .1 | $185 | .6 | $213 | .4 | $226 | .7 | $238 | .8 | $247 | .1 | |
| Ratio of Earnings to Fixed Charges (d) | 3 | .33 | 3 | .37 | 4 | .47 | 3 | .32 | 0 | .79 | 2 | .08 | 1 | .75 | |
(a) For the year ended Dec. 31, 2005, earnings as defined were inadequate to cover fixed charges as defined by $47.1 million.
(b) Includes net interest related to unrecognized tax benefits.
(c) Preferred dividend requirements of subsidiaries (pre-tax basis) are computed by dividing the preferred dividend requirements of subsidiaries by one hundred percent minus the respective year-to-date effective income tax rate.
(d) The ratio calculation in the above table relates to Alliant Energy Corporation's (Alliant Energy's) continuing operations. Refer to Note 14 of Alliant Energy's "Notes to Condensed Consolidated Financial Statements" in Alliant Energy's Form 10-Q for the quarterly period ended Sep. 30, 2008 for information related to Alliant Energy's discontinued operations.