Exhibit (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
Years Ended December 31
1996 1995 1994 1993 1992
(b)
Earnings as defined (a)
Net income $ 240 $ 204 $ 179 $ 155 $(297)
Income taxes 139 118 92 75 (146)
Exclude equity basis subsidiaries (85) (57) (18) (6) 10
Fixed charges as defined, adjusted to
exclude capitalized interest of $8,
$8, $6, $5, and $3 for the years
ended December 31, 1996, 1995,
1994, 1993, and 1992,
respectively 296 280 237 245 228
----- ----- ----- ----- -----
Earnings as defined $ 590 $ 545 $ 490 $ 469 $(205)
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Fixed charges as defined (a)
Interest on long-term debt $ 230 $ 224 $ 193 $ 204 $ 169
Estimated interest portion of lease rental 10 9 9 11 16
Other interest charges 29 27 18 24 35
Preferred securities dividends
and distributions 54 42 36 17 16
----- ----- ----- ----- -----
Fixed charges as defined $ 323 $ 302 $ 256 $ 256 $ 236
===== ===== ===== ===== =====
Ratio of earnings to fixed charges 1.83 1.81 1.91 1.83 -
===== ===== ===== ===== =====
<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 pretax 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.