EXHIBIT 12
ALLETE
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31 2006 2005 2004 2003 2002
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MILLIONS EXCEPT RATIOS
Income from Continuing Operations
Before Minority Interest and Income Taxes $128.2 $19.8 $ 57.0 $ 49.5 $ 37.9
Less: Minority Interest <F1> - - 2.1 2.6 1.0
Undistributed Income from Less than 50%
Owned Equity Investment 2.3 - - 2.9 4.7
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125.9 19.8 54.9 44.0 32.2
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Fixed Charges
Interest on Long-Term Debt 22.2 23.1 60.3 70.0 73.9
Capitalized Interest 0.6 0.3 0.7 1.2 0.8
Other Interest Charges 5.3 3.5 8.7 4.3 5.3
Interest Component of All Rentals 2.0 2.8 3.5 8.0 9.9
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Total Fixed Charges 30.1 29.7 73.2 83.5 89.9
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Earnings Before Income Taxes and Fixed Charges
(Excluding Capitalized Interest) $155.4 $49.2 $127.4 $126.3 $121.3
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Ratio of Earnings to Fixed Charges 5.16 1.66 1.74 1.51 1.35
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<FN>
<F1> Pre-tax income of subsidiaries that have not incurred fixed charges.
</FN>
97 ALLETE 2006 Form 10-K