Exhibit 12 | ||||||||||||||||||||
Integrys Energy Group | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(Millions) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
EARNINGS | ||||||||||||||||||||
Income available to common shareholders | $ | 126.4 | $ | 251.3 | $ | 155.8 | $ | 157.4 | $ | 139.7 | ||||||||||
Discontinued operations, net of tax | (4.7 | ) | (73.3 | ) | (7.3 | ) | (11.5 | ) | 13.8 | |||||||||||
Cumulative effect of change in accounting principles, net of tax | - | - | - | 1.6 | - | |||||||||||||||
Federal and state income taxes | 51.2 | 86.0 | 45.0 | 39.6 | 30.4 | |||||||||||||||
Pretax earnings from continuing operations | 172.9 | 264.0 | 193.5 | 187.1 | 183.9 | |||||||||||||||
Loss (income) from less than 50% equity investees | (66.8 | ) | (32.8 | ) | (16.6 | ) | (10.3 | ) | (3.6 | ) | ||||||||||
Distributed earnings of less than 50% equity investees | 50.4 | 36.6 | 29.6 | 17.8 | 11.7 | |||||||||||||||
Fixed charges | 170.8 | 174.6 | 107.0 | 69.5 | 61.5 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Preferred dividend requirement | 5.1 | 5.2 | 5.3 | 4.9 | 4.7 | |||||||||||||||
Minority interest | 0.1 | 0.1 | 3.8 | 4.5 | 3.4 | |||||||||||||||
Total earnings as defined | $ | 322.1 | $ | 437.1 | $ | 304.4 | $ | 254.7 | $ | 245.4 | ||||||||||
FIXED CHARGES | ||||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 131.1 | $ | 118.1 | $ | 54.3 | $ | 51.2 | $ | 48.9 | ||||||||||
Other interest | 29.0 | 46.7 | 45.1 | 11.2 | 6.0 | |||||||||||||||
Interest factor applicable to rentals | 5.6 | 4.6 | 2.3 | 2.2 | 1.9 | |||||||||||||||
Preferred dividends (grossed up) (see below) | 5.1 | 5.2 | 5.3 | 4.9 | 4.7 | |||||||||||||||
Total fixed charges | $ | 170.8 | $ | 174.6 | $ | 107.0 | $ | 69.5 | $ | 61.5 | ||||||||||
Ratio of earnings to fixed charges | 1.9 | 2.5 | 2.8 | 3.7 | 4.0 | |||||||||||||||
PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||||||
Preferred dividends | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | ||||||||||
Tax rate * | 39.0 | % | 40.6 | % | 41.7 | % | 36.9 | % | 33.7 | % | ||||||||||
Preferred dividends (grossed up) | $ | 5.1 | $ | 5.2 | $ | 5.3 | $ | 4.9 | $ | 4.7 | ||||||||||
* The tax rate has been adjusted to exclude the impact of tax credits. | ||||||||||||||||||||
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10-K Filing
Integrys Holding (TEG) Inactive 10-K2008 FY Annual report
Filed: 26 Feb 09, 12:00am