EXHIBIT 12
WPL HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
DIVIDEND REQUIREMENTS AFTER INCOME TAXES.
1993 1992 1991 1990 1989
(In Thousands)
Net income before preferred
stock dividends of subsidiary $ 66,451 $ 61,818 $ 69,741 $63,349 $55,293
Add:
Interest on debt 38,073 38,954 35,691 33,372 31,121
Estimated interest component
of rental payments 3,030 2,428 2,965 2,744 2,439
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Net income as adjusted $107,554 $103,200 $108,397 $99,465 $88,853
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Fixed charges:
Cash dividends on
preferred stock $ 3,928 $ 3,811 $ 3,811 $ 3,811 $ 3,811
Interest on debt 38,073 38,954 35,691 33,372 31,121
Estimated interest component
of rental payments 3,030 2,428 2,965 2,744 2,439
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Total fixed charges and
preferred dividends $ 45,031 $45,193 $ 42,467 $39,927 $37,371
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Ratio of earnings to
fixed charges and
preferred dividends 2.39X 2.28X 2.55X 2.49X 2.38X
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