Exhibit 12 | ||||||||||||||||||||||||
INTEGRYS ENERGY GROUP | ||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
2010 | ||||||||||||||||||||||||
(Millions) | 3 months | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 50.2 | $ | (71.6 | ) | $ | 124.7 | $ | 181.0 | $ | 147.8 | $ | 146.1 | |||||||||||
Provision for income taxes | 50.1 | 83.2 | 51.2 | 86.0 | 45.0 | 39.6 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | 100.3 | 11.6 | 175.9 | 267.0 | 192.8 | 185.7 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Undistributed earnings of less than 50% owned affiliates | (3.6 | ) | (16.2 | ) | (16.4 | ) | 3.8 | 13.0 | 7.5 | |||||||||||||||
Preferred stock dividends of subsidiary (a) | (1.8 | ) | 0.6 | (5.1 | ) | (5.2 | ) | (5.3 | ) | (4.9 | ) | |||||||||||||
Interest capitalized (b) | - | (0.2 | ) | - | - | - | - | |||||||||||||||||
Adjusted income (loss) from continuing operations before income taxes | 94.9 | (4.2 | ) | 154.4 | 265.6 | 200.5 | 188.3 | |||||||||||||||||
Total fixed charges as defined | 42.7 | 172.4 | 170.8 | 174.6 | 107.0 | 69.5 | ||||||||||||||||||
Total earnings as defined | $ | 137.6 | $ | 168.2 | $ | 325.2 | $ | 440.2 | $ | 307.5 | $ | 257.8 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest expense | $ | 39.4 | $ | 164.8 | $ | 158.1 | $ | 164.5 | $ | 99.2 | $ | 62.0 | ||||||||||||
Interest capitalized (c) | 0.2 | 2.6 | 2.0 | 0.3 | 0.2 | 0.4 | ||||||||||||||||||
Interest factor applicable to rentals | 1.3 | 5.6 | 5.6 | 4.6 | 2.3 | 2.2 | ||||||||||||||||||
Preferred stock dividends of subsidiary (a) | 1.8 | (0.6 | ) | 5.1 | 5.2 | 5.3 | 4.9 | |||||||||||||||||
Total fixed charges as defined | $ | 42.7 | $ | 172.4 | $ | 170.8 | $ | 174.6 | $ | 107.0 | $ | 69.5 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.2 | (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-Q Filing
Integrys Holding (TEG) Inactive 10-Q2010 Q1 Quarterly report
Filed: 6 May 10, 12:00am