EXHIBIT 12 ALLETE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (UNAUDITED) FOR THE YEAR ENDED DECEMBER 31 2005 2004 2003 2002 2001 - ----------------------------------------------------------------------------------------------------------------------- MILLIONS EXCEPT RATIOS Income from Continuing Operations Before Income Taxes $17.1 $ 54.9 $ 46.9 $ 36.9 $ 81.4 Add (Deduct) Undistributed Income from Less than 50% Owned Equity Investment - - (2.9) (4.7) (1.5) Minority Interest - - - - 0.1 - ----------------------------------------------------------------------------------------------------------------------- 17.1 54.9 44.0 32.2 80.0 - ----------------------------------------------------------------------------------------------------------------------- Fixed Charges Interest on Long-Term Debt 23.3 60.3 70.0 73.9 80.0 Capitalized Interest 0.3 0.7 1.2 0.8 1.0 Other Interest Charges 14.0 8.7 4.3 5.3 12.9 Interest Component of All Rentals 2.8 3.5 8.0 9.9 10.4 - ----------------------------------------------------------------------------------------------------------------------- Total Fixed Charges 40.4 73.2 83.5 89.9 104.3 - ----------------------------------------------------------------------------------------------------------------------- Earnings Before Income Taxes and Fixed Charges (Excluding Capitalized Interest) $57.2 $127.4 $126.3 $121.3 $183.3 - ----------------------------------------------------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 1.42 1.74 1.51 1.35 1.76 - ----------------------------------------------------------------------------------------------------------------------- ALLETE 2005 Form 10-K Page 94