Exhibit 12 | ||||||||||||||||||||||||
INTEGRYS ENERGY GROUP | ||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
2009 | ||||||||||||||||||||||||
(Millions) | 9 months | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | (94.7 | ) | $ | 124.8 | $ | 181.1 | $ | 151.6 | $ | 150.6 | $ | 156.6 | |||||||||||
Provision for income taxes | 59.3 | 51.2 | 86.0 | 45.0 | 39.6 | 30.4 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (35.4 | ) | 176.0 | 267.1 | 196.6 | 190.2 | 187.0 | |||||||||||||||||
Less: | ||||||||||||||||||||||||
Undistributed earnings of less than 50% owned affiliates | (12.0 | ) | (16.4 | ) | 3.8 | 13.0 | 7.5 | 8.1 | ||||||||||||||||
Preferred stock dividends of subsidiary (a) | (0.9 | ) | (5.1 | ) | (5.2 | ) | (5.3 | ) | (4.9 | ) | (4.7 | ) | ||||||||||||
Interest capitalized (b) | (0.2 | ) | - | - | - | - | - | |||||||||||||||||
Noncontrolling interest | (0.7 | ) | (0.1 | ) | (0.1 | ) | (3.8 | ) | (4.5 | ) | (3.4 | ) | ||||||||||||
Adjusted income (loss) from continuing operations before income taxes | (49.2 | ) | 154.4 | 265.6 | 200.5 | 188.3 | 187.0 | |||||||||||||||||
Total fixed charges as defined | 131.4 | 170.8 | 174.6 | 107.0 | 69.5 | 61.5 | ||||||||||||||||||
Total earnings as defined | $ | 82.2 | $ | 325.2 | $ | 440.2 | $ | 307.5 | $ | 257.8 | $ | 248.5 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest expense | $ | 124.4 | $ | 158.1 | $ | 164.5 | $ | 99.2 | $ | 62.0 | $ | 54.2 | ||||||||||||
Interest capitalized (c) | 2.0 | 2.0 | 0.3 | 0.2 | 0.4 | 0.7 | ||||||||||||||||||
Interest factor applicable to rentals | 4.1 | 5.6 | 4.6 | 2.3 | 2.2 | 1.9 | ||||||||||||||||||
Preferred stock dividends of subsidiary (a) | 0.9 | 5.1 | 5.2 | 5.3 | 4.9 | 4.7 | ||||||||||||||||||
Total fixed charges as defined | $ | 131.4 | $ | 170.8 | $ | 174.6 | $ | 107.0 | $ | 69.5 | $ | 61.5 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | (d) | 1.9 | 2.5 | 2.9 | 3.7 | 4.0 | ||||||||||||||||||
(a) Preferred stock dividends of subsidiary are computed by dividing the preferred stock dividends of subsidiary by 100% minus the income tax rate. | ||||||||||||||||||||||||
(b) Includes interest capitalized for the unregulated segment. | ||||||||||||||||||||||||
(c) Includes allowance for funds used during construction. | ||||||||||||||||||||||||
(d) For the nine months ended September 30, 2009, earnings as defined were inadequate to cover fixed charges as defined by $49.2 million, driven by | ||||||||||||||||||||||||
a pre-tax goodwill impairment loss of $291.1 million. | ||||||||||||||||||||||||
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10-Q Filing
Integrys Holding (TEG) Inactive 10-Q2009 Q3 Quarterly report
Filed: 5 Nov 09, 12:00am