EX-12 3 a12-20082_1ex12.htm EX-12

Exhibit 12

 

WISCONSIN PUBLIC SERVICE CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30

 

For the Years Ended December 31

 

(Millions, except ratio)

 

2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

109.5

 

$

125.9

 

$

135.0

 

$

120.4

 

$

132.3

 

$

113.3

 

Provision for income taxes

 

48.1

 

73.2

 

78.0

 

68.0

 

73.1

 

66.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

157.6

 

199.1

 

213.0

 

188.4

 

205.4

 

180.1

 

Less: Undistributed earnings of less than 50% owned affiliates

 

(1.5

)

(1.8

)

(1.7

)

(1.8

)

(2.2

)

(2.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income from continuing operations before income taxes

 

156.1

 

197.3

 

211.3

 

186.6

 

203.2

 

177.6

 

Total fixed charges as defined

 

33.5

 

51.3

 

56.9

 

58.5

 

48.1

 

45.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings as defined

 

$

189.6

 

$

248.6

 

$

268.2

 

$

245.1

 

$

251.3

 

$

222.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

31.9

 

$

49.5

 

$

54.4

 

$

54.0

 

$

44.0

 

$

43.5

 

Allowance for funds used during construction

 

0.5

 

0.2

 

0.3

 

2.0

 

1.8

 

0.3

 

Interest factor applicable to rentals

 

1.1

 

1.6

 

2.2

 

2.5

 

2.3

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges as defined

 

$

33.5

 

$

51.3

 

$

56.9

 

$

58.5

 

$

48.1

 

$

45.3

 

Preferred stock dividend requirements *

 

3.5

 

5.2

 

5.2

 

4.9

 

4.8

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividend requirements

 

$

37.0

 

$

56.5

 

$

62.1

 

$

63.4

 

$

52.9

 

$

50.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

5.7

 

4.8

 

4.7

 

4.2

 

5.2

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS

 

5.1

 

4.4

 

4.3

 

3.9

 

4.7

 

4.4

 

 


*  Represents preferred stock dividend requirements of WPS computed by dividing the preferred stock dividend requirements by 100%  minus the income tax rate.