Exhibit 12 | ||||||||||||||||||||
INTEGRYS ENERGY GROUP | ||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Millions) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
EARNINGS | ||||||||||||||||||||
Net income (loss) from continuing operations | $ | (71.6 | ) | $ | 124.7 | $ | 181.0 | $ | 147.8 | $ | 146.1 | |||||||||
Provision for income taxes | 83.2 | 51.2 | 86.0 | 45.0 | 39.6 | |||||||||||||||
Income (loss) from continuing operations before income taxes | 11.6 | 175.9 | 267.0 | 192.8 | 185.7 | |||||||||||||||
Less: | ||||||||||||||||||||
Undistributed earnings of less than 50% owned affiliates | (16.2 | ) | (16.4 | ) | 3.8 | 13.0 | 7.5 | |||||||||||||
Preferred stock dividends of subsidiary (a) | 0.6 | (5.1 | ) | (5.2 | ) | (5.3 | ) | (4.9 | ) | |||||||||||
Interest capitalized (b) | (0.2 | ) | - | - | - | - | ||||||||||||||
Adjusted income (loss) from continuing operations before income taxes | (4.2 | ) | 154.4 | 265.6 | 200.5 | 188.3 | ||||||||||||||
Total fixed charges as defined | 172.4 | 170.8 | 174.6 | 107.0 | 69.5 | |||||||||||||||
Total earnings as defined | $ | 168.2 | $ | 325.2 | $ | 440.2 | $ | 307.5 | $ | 257.8 | ||||||||||
FIXED CHARGES | ||||||||||||||||||||
Interest expense | $ | 164.8 | $ | 158.1 | $ | 164.5 | $ | 99.2 | $ | 62.0 | ||||||||||
Interest capitalized (c) | 2.6 | 2.0 | 0.3 | 0.2 | 0.4 | |||||||||||||||
Interest factor applicable to rentals | 5.6 | 5.6 | 4.6 | 2.3 | 2.2 | |||||||||||||||
Preferred stock dividends of subsidiary (a) | (0.6 | ) | 5.1 | 5.2 | 5.3 | 4.9 | ||||||||||||||
Total fixed charges as defined | $ | 172.4 | $ | 170.8 | $ | 174.6 | $ | 107.0 | $ | 69.5 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | (d) | 1.9 | 2.5 | 2.9 | 3.7 | |||||||||||||||
(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 12 months ended December 31, 2009, earnings as defined were inadequate to cover fixed charges as defined by $4.2 million, driven by | ||||||||||||||||||||
a pre-tax non-cash goodwill impairment loss of $291.1 million. | ||||||||||||||||||||
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10-K Filing
Integrys Holding (TEG) Inactive 10-K2009 FY Annual report
Filed: 26 Feb 10, 12:00am