Integrys Holding (TEG) 10-Q 2007 Q3 Quarterly report

Exhibit 12.1
Integrys Energy Group
Ratio of Earnings to Fixed Charges
	2007
(Millions)	9 Months			2006			2005			2004			2003
EARNINGS
Income available to common shareholders	$	166.2		$	155.8		$	157.4		$	139.7		$	94.7
Discontinued operations, net of tax		(79.3	)		(7.3	)		(11.5	)		13.8			15.7
Cumulative effect of change in accounting principles, net of tax		-			-			1.6			-			(3.2	)
Federal and state income taxes		36.4			45.0			39.6			30.4			33.3
Pretax earnings from continuing operations		123.3			193.5			187.1			183.9			140.5
Loss (income) from less than 50% equity investees		(22.7	)		(16.6	)		(10.3	)		(3.6	)		4.2
Distributed earnings of less than 50% equity investees		26.4			29.6			17.8			11.7			7.5
Fixed charges		135.0			107.0			69.5			61.5			63.2
Subtract:
Preferred dividend requirement		4.0			5.3			4.9			4.7			4.9
Minority interest		0.1			3.8			4.5			3.4			5.6
Total earnings as defined	$	257.9		$	304.4		$	254.7		$	245.4		$	204.9
FIXED CHARGES
Interest on long-term debt, including related amortization	$	85.8		$	54.3		$	51.2		$	48.9		$	47.6
Other interest		41.6			45.1			11.2			6.0			5.5
Distributions - preferred securities of subsidiary trust		-			-			-			-			3.5
Interest factor applicable to rentals		3.6			2.3			2.2			1.9			1.7
Preferred dividends (grossed up) (see below)		4.0			5.3			4.9			4.7			4.9
Total fixed charges	$	135.0		$	107.0		$	69.5		$	61.5		$	63.2
Ratio of earnings to fixed charges		1.9			2.8			3.7			4.0			3.2
PREFERRED DIVIDEND CALCULATION:
Preferred dividends	$	2.3		$	3.1		$	3.1		$	3.1		$	3.1
Tax rate *		42.2	%		41.7	%		36.9	%		33.7	%		36.5	%
Preferred dividends (grossed up)	$	4.0		$	5.3		$	4.9		$	4.7		$	4.9
* The tax rate has been adjusted to exclude the impact of tax credits.