Exhibit (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Preferred Securities Dividends and Distributions
(Millions of Dollars)
Years Ended December 31
1997 1996 1995 1994 1993
Earnings as defined (a)
Consolidated net income $ 268 $ 240 $ 204 $ 179 $ 155
Income taxes 117 139 118 92 75
Exclude equity basis subsidiaries (80) (85) (57) (18) (6)
Fixed charges as defined, adjusted to
exclude capitalized interest of $16,
$8, $8, $6 and $5 for the years
ended December 31, 1997, 1996,
1995, 1994, and 1993,
respectively 357 310 295 249 253
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Earnings as defined $ 662 $ 604 $ 560 $ 502 $ 477
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Fixed charges as defined (a)
Interest on long-term debt $ 273 $ 230 $ 224 $ 193 $ 204
Estimated interest portion of lease rental 8 10 9 9 11
Other interest charges 49 43 42 30 32
Preferred securities dividends
and distributions 67 54 42 36 17
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Fixed charges as defined $ 397 $ 337 $ 317 $ 268 $ 264
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Ratio of earnings to fixed charges and
preferred securities dividends and distributions 1.67 1.79 1.77 1.87 1.81
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NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.