1
EXHIBIT (12)
CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges
(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 314 275 268 226 241
---------------------------------
Earnings as defined $ 619 $ 569 $ 533 $ 479 $ 465
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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
---------------------------------
Fixed charges as defined $ 330 $ 283 $ 275 $ 232 $ 247
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Ratio of earnings to fixed charges 1.88 2.01 1.94 2.07 1.88
============================================================================
NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of
Regulation S-K.
2
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
---- ---- ---- ---- ----
Earnings as defined......................................... $662 $604 $560 $502 $477
==== ==== ==== ==== ====
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
---- ---- ---- ---- ----
Fixed charges as defined.................................... $397 $337 $317 $268 $264
==== ==== ==== ==== ====
Ratio of earnings to fixed charges and preferred securities
dividends and distributions............................... 1.67 1.79 1.77 1.87 1.81
==== ==== ==== ==== ====
NOTES:
(a) Earnings and fixed charges as defined in instructions for Item 503 of
Regulation S-K.