EXHIBIT (12)
Exhibit (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
Three Months
Ended Years Ended December 31
March 31, 1995 1994 1993 1992 1991 1990
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(b) (c)(d) (e)
Earnings as defined (a)
Net income $ 86 $ 179 $ 155 $(297) $(262) $(494)
Income taxes 53 92 75 (146) (94) 25
Exclude equity basis subsidiaries (10) (18) (6) 10 10 13
Fixed charges as defined, adjusted to
exclude capitalized interest of $1,
$6, $5, $3, $5, and $38 million for
the three months ended March 31, 1995
and for the years ended December 31,
1994, 1993, 1992, 1991 and 1990,
respectively 69 237 245 228 364 317
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Earnings as defined $ 198 $ 490 $ 469 $(205) $ 18 $(139)
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Fixed charges as defined (a)
Interest on long-term debt $ 56 $ 193 $ 204 $ 169 $ 274 $ 293
Estimated interest portion of lease rental 3 9 11 16 17 18
Other interest charges 5 18 24 35 68 33
Preferred stock dividend 10 36 17 16 15 17
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Fixed charges as defined $ 74 $ 256 $ 256 $ 236 $ 374 $ 361
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Ratio of earnings to fixed charges 2.67 1.91 1.83 - - -
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<FN>
NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
(b) For the year ended December 31, 1992, fixed charges exceeded earnings by $441 million. Earnings as defined include
a $520 million pre-tax loss on the settlement of MCV Power Purchases, $(15) million for potential customer refunds and
other reserves related to 1992 but recorded in 1991, and $6 million relating to CMS Generation Company's reduction in
its investment in The Oxford Energy Company. The ratio of earnings to fixed charges would have been 1.30 excluding
these amounts.
(c) Excludes an extraordinary after-tax loss of $14 million.
(d) For the year ended December 31, 1991, fixed charges exceeded earnings by $356 million. Earnings as defined include
pre-tax losses of $398 million for write-downs and reserve amounts related to the abandonment of the Midland nuclear
plant, $76 million for potential customer refunds and other reserves, and $51 million relating to CMS Generation
Company's reduction in its investment in The Oxford Energy Company. The ratio of earnings to fixed charges would have
been 1.45 excluding these amounts.
(e) For the year ended December 31, 1990, fixed charges exceeded earnings by $500 million. Earnings as defined include
pre-tax losses of $847 million for write-downs and reserve amounts related to the abandonment of the Midland nuclear
plant. The ratio of earnings to fixed charges would have been 1.96 excluding these amounts.