Exhibit 12.01
NSP-WISCONSIN (CONSOLIDATED)
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
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| Six Months Ended |
| Year Ended December 31, |
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| June 30, 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Earnings as defined: |
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Pretax income from continuing operations |
| $ | 30,683 |
| $ | 59,984 |
| $ | 68,142 |
| $ | 41,633 |
| $ | 89,600 |
| $ | 84,506 |
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Add: Fixed charges |
| 12,277 |
| 23,589 |
| 23,920 |
| 24,606 |
| 22,956 |
| 24,427 |
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Deduct: Undistributed equity in earnings (loss) of unconsolidated affiliates |
| — |
| — |
| — |
| — |
| (10 | ) | 21 |
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Earnings as defined |
| $ | 42,960 |
| $ | 83,573 |
| $ | 92,062 |
| $ | 66,239 |
| $ | 112,566 |
| $ | 108,912 |
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Fixed charges: |
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Interest charges |
| $ | 11,583 |
| $ | 22,967 |
| $ | 23,149 |
| $ | 23,242 |
| $ | 21,871 |
| $ | 23,249 |
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Interest charges on life insurance policy borrowings |
| — |
| — |
| — |
| — |
| — |
| — |
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Interest component of operating leases |
| 694 |
| 622 |
| 771 |
| 1,364 |
| 1,085 |
| 1,178 |
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Distributions on redeemable preferred securities of subsidiary trust |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 12,277 |
| $ | 23,589 |
| $ | 23,920 |
| $ | 24,606 |
| $ | 22,956 |
| $ | 24,427 |
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Ratio of earnings to fixed charges |
| 3.5 |
| 3.5 |
| 3.8 |
| 2.7 |
| 4.9 |
| 4.6 |
|
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
|
| Pro Forma |
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| Pro Forma |
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| Six Months Ended |
| Six Months Ended |
| Year Ended |
| Year Ended December 31, |
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|
| June 30, 2008 |
| June 30, 2008 |
| December 31, 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Earnings as defined: |
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|
|
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Pretax income from continuing operations |
| $ | 28,373 |
| $ | 30,683 |
| $ | 55,763 |
| $ | 59,984 |
| $ | 68,142 |
| $ | 41,633 |
| $ | 89,600 |
| $ | 84,506 |
|
Add: Fixed charges |
| 14,587 |
| 12,277 |
| 27,810 |
| 23,589 |
| 23,920 |
| 24,606 |
| 22,956 |
| 24,427 |
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Deduct: Undistributed equity in earnings (loss) of unconsolidated affiliates |
| — |
| — |
| — |
| — |
| — |
| — |
| (10 | ) | 21 |
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Earnings as defined |
| $ | 42,960 |
| $ | 42,960 |
| $ | 83,573 |
| $ | 83,573 |
| $ | 92,062 |
| $ | 66,239 |
| $ | 112,566 |
| $ | 108,912 |
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Fixed charges: |
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Interest charges |
| $ | 13,893 |
| $ | 11,583 |
| $ | 27,188 |
| $ | 22,967 |
| $ | 23,149 |
| $ | 23,242 |
| $ | 21,871 |
| $ | 23,249 |
|
Interest charges on life insurance policy borrowings |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Interest component of operating leases |
| 694 |
| 694 |
| 622 |
| 622 |
| 771 |
| 1,364 |
| 1,085 |
| 1,178 |
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Distributions on redeemable preferred securities of subsidiary trust |
| — |
| — |
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| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 14,587 |
| $ | 12,277 |
| $ | 27,810 |
| $ | 23,589 |
| $ | 23,920 |
| $ | 24,606 |
| $ | 22,956 |
| $ | 24,427 |
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Ratio of earnings to fixed charges |
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| 2.9 |
| 3.5 |
| 3.0 |
| 3.5 |
| 3.8 |
| 2.7 |
| 4.9 |
| 4.6 |
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