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, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $172.0 | $168.8 | $189.9 | $150.2 | $139.3 | $143.4 | $153.0 | ||||||||||||||||
Income tax expense (benefit) (a) | (34.9 | ) | (37.4 | ) | (37.9 | ) | (19.8 | ) | (3.6 | ) | 42.3 | 27.0 | |||||||||||
Income before income taxes | 137.1 | 131.4 | 152.0 | 130.4 | 135.7 | 185.7 | 180.0 | ||||||||||||||||
Fixed charges as defined | 67.9 | 59.7 | 82.3 | 79.3 | 79.6 | 83.1 | 77.5 | ||||||||||||||||
Total earnings as defined | $205.0 | $191.1 | $234.3 | $209.7 | $215.3 | $268.8 | $257.5 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $67.0 | $58.9 | $81.3 | $78.5 | $78.7 | $82.2 | $76.5 | ||||||||||||||||
Estimated interest component of rent expense | 0.9 | 0.8 | 1.0 | 0.8 | 0.9 | 0.9 | 1.0 | ||||||||||||||||
Total fixed charges as defined | $67.9 | $59.7 | $82.3 | $79.3 | $79.6 | $83.1 | $77.5 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 3.02 | 3.20 | 2.85 | 2.64 | 2.70 | 3.23 | 3.32 | ||||||||||||||||
Preferred dividend requirements (pre-tax basis) (b) | $6.1 | $6.5 | $8.6 | $10.9 | $14.6 | $19.9 | $18.1 | ||||||||||||||||
Fixed charges and preferred dividend requirements | $74.0 | $66.2 | $90.9 | $90.2 | $94.2 | $103.0 | $95.6 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements | 2.77 | 2.89 | 2.58 | 2.32 | 2.29 | 2.61 | 2.69 |
(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.