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
Nine Months Ended | |||||||||||||||||||||||
September 30, | Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $168.8 | $124.6 | $150.2 | $139.3 | $143.4 | $153.0 | $141.6 | ||||||||||||||||
Income tax expense (benefit) (a) | (37.4 | ) | (6.6 | ) | (19.8 | ) | (3.6 | ) | 42.3 | 27.0 | 52.6 | ||||||||||||
Income before income taxes | 131.4 | 118.0 | 130.4 | 135.7 | 185.7 | 180.0 | 194.2 | ||||||||||||||||
Fixed charges as defined | 59.7 | 59.5 | 79.3 | 79.6 | 83.1 | 77.5 | 63.7 | ||||||||||||||||
Total earnings as defined | $191.1 | $177.5 | $209.7 | $215.3 | $268.8 | $257.5 | $257.9 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $58.9 | $58.8 | $78.5 | $78.7 | $82.2 | $76.5 | $61.9 | ||||||||||||||||
Estimated interest component of rent expense | 0.8 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 | 1.8 | ||||||||||||||||
Total fixed charges as defined | $59.7 | $59.5 | $79.3 | $79.6 | $83.1 | $77.5 | $63.7 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 3.20 | 2.98 | 2.64 | 2.70 | 3.23 | 3.32 | 4.05 | ||||||||||||||||
Preferred dividend requirements (pre-tax basis) (b) | $6.5 | $8.9 | $10.9 | $14.6 | $19.9 | $18.1 | $21.1 | ||||||||||||||||
Fixed charges and preferred dividend requirements | $66.2 | $68.4 | $90.2 | $94.2 | $103.0 | $95.6 | $84.8 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 2.89 | 2.60 | 2.32 | 2.29 | 2.61 | 2.69 | 3.04 |
(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 for the nine months ended September 30, 2013.