EXHIBIT 12.1 | |||||||||||||
WISCONSIN ENERGY CORPORATION | |||||||||||||
STATEMENT OF COMPUTATION OF | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended |
| ||||||||||||
3/31/07 | 3/31/07 | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | |||||||
(Millions of Dollars) | |||||||||||||
Pre-tax Income | $163.1 | $477.3 | $477.4 | $443.6 | $344.7 | $328.2 | $231.8 | ||||||
Add: | |||||||||||||
Nonutility Amortization of Capitalized Interest | 0.2 | 0.2 | 0.8 | 0.4 | - | - | - | ||||||
Subtract: | |||||||||||||
Capitalized Interest | (14.4) | (46.9) | (39.9) | (28.7) | (22.1) | (13.5) | (6.7) | ||||||
Earnings Before Adding Fixed Charges (a) | 148.9 | 430.6 | 438.3 | 415.3 | 322.6 | 314.7 | 225.1 | ||||||
Fixed Charges | |||||||||||||
Interest on Long-Term Debt | 44.2 | 175.0 | 177.8 | 188.0 | 203.0 | 199.5 | 200.0 | ||||||
Other Interest Expense | 12.7 | 41.1 | 33.9 | 15.3 | 13.2 | 21.9 | 20.7 | ||||||
Estimated Interest Component of Rentals | 7.1 | 32.4 | 31.9 | 29.6 | 27.7 | 18.2 | 11.4 | ||||||
Capitalized Interest | 14.4 | 46.9 | 39.9 | 28.7 | 22.1 | 13.5 | 6.7 | ||||||
Distributions on Preferred Securities | |||||||||||||
of Subsidiary Trust | - | - | - | - | - | 6.9 | 13.7 | ||||||
Preferred Stock Dividend Requirements of | |||||||||||||
Wisconsin Electric Power Company | 0.4 | 1.6 | 1.6 | 1.5 | 1.6 | 1.6 | 1.7 | ||||||
Total Fixed Charges as Defined (b) | 78.8 | 297.0 | 285.1 | 263.1 | 267.6 | 261.6 | 254.2 | ||||||
Total Earnings as Defined | $227.7 | $727.6 | $723.4 | $678.4 | $590.2 | $576.3 | $479.3 | ||||||
Ratio of Earnings to Fixed Charges | 2.9x | 2.4x | 2.5x | 2.6x | 2.2x | 2.2x | 1.9x | ||||||
(a) Earnings before adding fixed charges is determined by adding pre-tax income from continuing operations (less undistributed equity in | |||||||||||||
earnings of unconsolidated affiliates) and nonutility amortization of capitalized interest, and subtracting from the total, capitalized interest. | |||||||||||||
(b) Fixed Charges consists of interest charges on our long-term and short-term debt (including a representative portion of lease expense), | |||||||||||||
capitalized interest, amortization of debt expenses, an amount equal to the earnings before income taxes required to pay preferred dividends | |||||||||||||
of a wholly owned subsidiary and distributions on preferred securities of a subsidiary trust prior to their redemption in March 2004. |
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10-Q Filing
WEC Energy (WEC) 10-Q2007 Q1 Quarterly report
Filed: 7 May 07, 12:00am