EX-12.1 2 wepco09302013ex121.htm WISCONSIN ELECTRIC EXHIBIT 12.1 WEPCO 09.30.2013 EX 12.1


EXHIBIT 12.1

WISCONSIN ELECTRIC POWER COMPANY
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)

 
Nine
 
 
 
 
 
 
 
 
 
 
 
Months
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Twelve Months Ended
 
9/30/2013
 
12/31/2012
 
12/31/2011
 
12/31/2010
 
12/31/2009
 
12/31/2008
 
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Income
$
420.0

 
$
548.5

 
$
485.2

 
$
470.8

 
$
435.3

 
$
439.4

 
 
 
 
 
 
 
 
 
 
 
 
Subtract:
 
 
 
 
 
 
 
 
 
 
 
Capitalized Interest
(5.7
)
 
(14.5
)
 
(24.7
)
 
(13.5
)
 
(6.6
)
 
(3.0
)
Earnings Before Adding Fixed Charges (a)
414.3

 
534.0

 
460.5

 
457.3

 
428.7

 
436.4

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
97.2

 
127.7

 
118.9

 
115.0

 
106.9

 
89.6

Estimated Interest Component of Rentals
105.4

 
141.1

 
141.3

 
107.1

 
65.6

 
57.6

Total Fixed Charges as Defined (b)
202.6

 
268.8

 
260.2

 
222.1

 
172.5

 
147.2

 
 
 
 
 
 
 
 
 
 
 
 
Total Earnings as Defined
$
616.9

 
$
802.8

 
$
720.7

 
$
679.4

 
$
601.2

 
$
583.6

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
3.0x

 
3.0x

 
2.8x

 
3.1x

 
3.5x

 
4.0x

 
 
 
 
 
 
 
 
 
 
 
 
(a) Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of unconsolidated
affiliates) and subtracting capitalized interest.
 
 
 
 
 
 
 
 
 
 
 
 
(b) Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of lease
expense), capitalized interest and amortization of debt expenses.