EX-12.1 4 exh121.htm INTEGRYS ENERGY GROUP, INC. RATIO OF EARNINGS TO FIXED CHARGES Integrys Energy Group, Inc. Ratio of Earnings to Fixed Charges
                   
Exhibit 12.1
  
                       
Integrys Energy Group, Inc.
  
Ratio of Earnings to Fixed Charges
 
                       
                       
(Millions)
  
2006
  
2005
  
2004
  
2003
  
2002
  
EARNINGS
                      
Income available to common shareholders
  
$
155.8
  
$
157.4
  
$
139.7
  
$
94.7
  
$
109.4
  
Discontinued operations, net of tax
    
(7.30
)
  
(11.50
)
  
13.80
   
15.70
   
7.00
 
Cumulative effect of change in accounting principles, net of tax
    
-
   
1.6
   
-
   
(3.2
)
  
-
 
Federal and state income taxes
    
45.0
   
39.6
   
30.4
   
33.3
   
28.7
 
                                 
Pretax earnings from continuing operations
    
193.5
   
187.1
   
183.9
   
140.5
   
145.1
 
                                 
Loss (income) from less than 50% equity investees
    
(16.6
)
  
(10.3
)
  
(3.6
)
  
4.2
   
4.1
 
Distributed earnings of less than 50% equity investees
    
29.6
   
17.8
   
11.7
   
7.5
   
7.0
 
                                 
Fixed charges
    
107.0
   
69.5
   
61.5
   
63.2
   
63.5
 
                                 
Subtract:
                                
Preferred dividend requirement
    
5.3
   
4.9
   
4.7
   
4.9
   
4.8
 
Minority interest
    
3.8
   
4.5
   
3.4
   
5.6
   
-
 
Total earnings as defined
  
$
304.4
  
$
254.7
  
$
245.4
  
$
204.9
  
$
214.9
  
                                 
FIXED CHARGES
                                
Interest on long-term debt, including related amortization
  
$
54.3
  
$
51.2
  
$
48.9
  
$
47.6
  
$
43.3
  
Other interest
    
45.1
   
11.2
   
6.0
   
5.5
   
10.2
 
Distributions - preferred securities of subsidiary trust
    
-
   
-
   
-
   
3.5
   
3.5
 
Interest factor applicable to rentals
    
2.3
   
2.2
   
1.9
   
1.7
   
1.7
 
Preferred dividends (grossed up) (see below)
    
5.3
   
4.9
   
4.7
   
4.9
   
4.8
 
                                 
Total fixed charges
 
$
107.0
  
$
69.5
  
$
61.5
  
$
63.2
  
$
63.5
  
                                 
Ratio of earnings to fixed charges
   
2.8
   
3.7
   
4.0
   
3.2
   
3.4
 
                                 
                                 
PREFERRED DIVIDEND CALCULATION:
                                
                                 
Preferred dividends
  
$
3.1
  
$
3.1
  
$
3.1
  
$
3.1
  
$
3.1
  
                                 
Tax rate *
    
41.7
%
  
36.9
%
  
33.7
%
  
36.5
%
  
35.8
%
                                 
Preferred dividends (grossed up)
  
$
5.3
  
$
4.9
  
$
4.7
  
$
4.9
  
$
4.8
  
                                 
                                 
* The tax rate has been adjusted to exclude the impact of tax credits.