EX-12.2 3 lnt331201510-qex122.htm RATIO OF EARNINGS TO FIXED CHARGES FOR IPL LNT 3.31.2015 10-Q Ex 12.2


Exhibit 12.2

INTERSTATE POWER AND LIGHT COMPANY

RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS

 
Three Months Ended

 
 
 
 
 
 
March 31,
 
Years Ended December 31,
 
2015
 
2014
 
2014
2013
2012
2011
2010
 
(dollars in millions)
EARNINGS:
 
 
 
 
 
 
 
 
 
Net income

$50.4

 

$46.0

 

$194.6


$189.9


$150.2


$139.3


$143.4

Income tax expense (benefit) (a)
(3.6
)
 
(5.0
)
 
(51.7
)
(37.9
)
(19.8
)
(3.6
)
42.3

Income before income taxes
46.8

 
41.0

 
142.9

152.0

130.4

135.7

185.7

Fixed charges as defined
24.6

 
22.9

 
91.0

82.3

79.3

79.6

83.1

Total earnings as defined

$71.4

 

$63.9

 

$233.9


$234.3


$209.7


$215.3


$268.8

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense

$24.1

 

$22.5

 

$89.9


$81.3


$78.5


$78.7


$82.2

Estimated interest component of rent expense
0.5

 
0.4

 
1.1

1.0

0.8

0.9

0.9

Total fixed charges as defined

$24.6

 

$22.9

 

$91.0


$82.3


$79.3


$79.6


$83.1

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.90

 
2.79

 
2.57

2.85

2.64

2.70

3.23

 
 
 
 
 
 
 
 
 
 
Preferred dividend requirements (pre-tax basis) (b)

$2.4

 

$2.3

 

$7.5


$8.6


$10.9


$14.6


$19.9

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred dividend requirements

$27.0

 

$25.2

 

$98.5


$90.9


$90.2


$94.2


$103.0

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements
2.64

 
2.54

 
2.37

2.58

2.32

2.29

2.61


(a) Includes net interest related to unrecognized tax benefits.

(b) Preferred dividend requirements (pre-tax basis) are computed by dividing the preferred dividend requirements by one hundred percent minus the respective year-to-date effective income tax rate. Excludes the impact of charges related to Interstate Power and Light Company’s preferred stock redemption in 2013.