EXHIBIT 12.1
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
EARNINGS TO FIXED CHARGES
NORTHERN STATES POWER COMPANY
AND SUBSIDIARIES
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES
(not covered by Report of Independent Public Accountants)
Nine months ended | ||||||||||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||||||||||
2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Net income | $ | 36,980 | $ | 42,865 | $ | 54,373 | 36,392 | 30,296 | 36,366 | 32,195 | ||||||||||||||||||||
Provisions for Federal and state taxes on income | 25,127 | 27,439 | 36,925 | 21,158 | 20,690 | 25,302 | 20,468 | |||||||||||||||||||||||
Fixed charges as below | 17,528 | 17,583 | 23,467 | 23,139 | 21,557 | 19,627 | 19,189 | |||||||||||||||||||||||
Less: Undistributed equity in earnings of unconsolidated affiliates | 92 | (147 | ) | 232 | 553 | 411 | 409 | 3 | ||||||||||||||||||||||
Total | $ | 79,543 | $ | 88,034 | $ | 114,533 | $ | 80,136 | $ | 72,132 | $ | 80,886 | $ | 71,849 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||||
Interest charges, excluding AFC — debt | $ | 17,528 | $ | 17,583 | $ | 23,467 | $ | 23,139 | 21,557 | 19,627 | 19,189 | |||||||||||||||||||
Distributions on redeemable preferred securities of subsidiary trust | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | $ | 17,528 | $ | 17,583 | $ | 23,467 | $ | 23,139 | 21,557 | 19,627 | 19,189 | |||||||||||||||||||
Ratio of earnings to fixed charges | 4.5 | 5.0 | 4.9 | 3.5 | 3.3 | 4.1 | 3.7 |