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
Six Months | |||||||||||||||
Ended June 30, | Years Ended Dec. 31, | ||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||
(dollars in millions) | |||||||||||||||
EARNINGS: | |||||||||||||||
Net income | $42.9 | $51.5 | $118.4 | $113.5 | $105.3 | . | $105.1 | $113.7 | |||||||
Income taxes (a) | 20.1 | 29.3 | 68.4 | 59.3 | 62.2 | 60.9 | 66.3 | ||||||||
Income before income taxes | 63.0 | 80.8 | 186.8 | 172.8 | 167.5 | 166.0 | 180.0 | ||||||||
Fixed charges as defined | 47.3 | 42.7 | 90.7 | 84.8 | 81.9 | 73.9 | 56.6 | ||||||||
Adjustment for undistributed equity earnings | (3.7) | (2.8) | (6.1) | (6.7) | (3.8) | (1.6) | (4.5) | ||||||||
Total earnings as defined | $106.6 | $120.7 | $271.4 | $250.9 | $245.6 | $238.3 | $232.1 | ||||||||
FIXED CHARGES: | |||||||||||||||
Interest expense | $34.7 | $29.8 | $62.2 | $49.6 | $48.3 | $40.4 | $33.5 | ||||||||
Estimated interest component of rent expense | 12.6 | 12.9 | 28.5 | 35.2 | 33.6 | 33.5 | 23.1 | ||||||||
Total fixed charges as defined | $47.3 | $42.7 | $90.7 | $84.8 | $81.9 | $73.9 | $56.6 | ||||||||
Ratio of Earnings to Fixed Charges | 2.25 | 2.83 | 2.99 | 2.96 | 3.00 | 3.22 | 4.10 | ||||||||
Preferred dividend requirements (pre-tax basis) (b) | $2.5 | $2.7 | $5.2 | $5.0 | $5.2 | $5.2 | $5.2 | ||||||||
Fixed charges and preferred dividend requirements | $49.8 | $45.4 | $95.9 | $89.8 | $87.1 | $79.1 | $61.8 | ||||||||
Ratio of Earnings to Combined Fixed Charges and | |||||||||||||||
Preferred Dividend Requirements | 2.14 | 2.66 | 2.83 | 2.79 | 2.82 | 3.01 | 3.76 | ||||||||
(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.