Exhibit 12.2
INTERSTATE POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $50.4 | $46.0 | $194.6 | $189.9 | $150.2 | $139.3 | $143.4 | ||||||||||||||||
Income tax expense (benefit) (a) | (3.6 | ) | (5.0 | ) | (51.7 | ) | (37.9 | ) | (19.8 | ) | (3.6 | ) | 42.3 | ||||||||||
Income before income taxes | 46.8 | 41.0 | 142.9 | 152.0 | 130.4 | 135.7 | 185.7 | ||||||||||||||||
Fixed charges as defined | 24.6 | 22.9 | 91.0 | 82.3 | 79.3 | 79.6 | 83.1 | ||||||||||||||||
Total earnings as defined | $71.4 | $63.9 | $233.9 | $234.3 | $209.7 | $215.3 | $268.8 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $24.1 | $22.5 | $89.9 | $81.3 | $78.5 | $78.7 | $82.2 | ||||||||||||||||
Estimated interest component of rent expense | 0.5 | 0.4 | 1.1 | 1.0 | 0.8 | 0.9 | 0.9 | ||||||||||||||||
Total fixed charges as defined | $24.6 | $22.9 | $91.0 | $82.3 | $79.3 | $79.6 | $83.1 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.90 | 2.79 | 2.57 | 2.85 | 2.64 | 2.70 | 3.23 | ||||||||||||||||
Preferred dividend requirements (pre-tax basis) (b) | $2.4 | $2.3 | $7.5 | $8.6 | $10.9 | $14.6 | $19.9 | ||||||||||||||||
Fixed charges and preferred dividend requirements | $27.0 | $25.2 | $98.5 | $90.9 | $90.2 | $94.2 | $103.0 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 2.64 | 2.54 | 2.37 | 2.58 | 2.32 | 2.29 | 2.61 |
(a) Includes net interest related to unrecognized tax benefits.
(b) 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. Excludes the impact of charges related to Interstate Power and Light Company’s preferred stock redemption in 2013.