1
EXHIBIT (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Preferred Securities
Dividends and Distributions
(Millions of Dollars)
Six Months
Ended Years Ended December 31 -
June 30, 2000 1999 1998 1997 1996 1995
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Earnings as defined (a)
Consolidated net income $ 161 $ 277 $ 242 $ 244 $ 224 $ 195
Income taxes 68 64 100 108 137 113
Exclude equity basis subsidiaries (101) (84) (92) (80) (85) (57)
Fixed charges as defined, adjusted to
exclude capitalized interest of $21, $42,
$28, $13, $5 and $4 million for the six
months ended June 30, 2000 and for the
years ended December 31, 1999, 1998, 1997,
1996 and 1995, respectively 360 395 395 360 313 299
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Earnings as defined $ 488 $ 845 $ 645 $ 632 $ 589 $ 550
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Fixed charges as defined (a)
Interest on long-term debt $ 291 $ 507 $ 319 $ 273 $ 230 $ 224
Estimated interest portion of lease rental 4 7 8 8 10 9
Other interest charges 11 57 48 49 43 42
Preferred securities dividends and
distributions 74 96 77 67 54 42
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Fixed charges as defined $ 380 $ 662 $ 452 $ 397 $ 337 $ 317
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Ratio of earnings to fixed charges and
preferred securities dividends and distributions 1.28 1.28 1.43 1.59 1.75 1.74
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NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of
Regulation S-K.
(b) Excludes a cumulative effect of change in accounting after-tax gain of $43
million.