EX-12 4 exh12.htm RATIO OF EARNINGS TO FIXED CHARGES exh12.htm

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
 
                                     
   
2010
                               
(Millions)
 
3 Months
   
2009
   
2008
   
2007
   
2006
   
2005
 
                                     
EARNINGS
                                   
Net Income from continuing operations
  $ 48.3     $ 120.4     $ 132.3     $ 113.3     $ 102.1     $ 84.5  
Provision for income taxes
    30.6       68.0       73.1       66.8       58.3       44.1  
                                                 
Income from continuing operations before income taxes
    78.9       188.4       205.4       180.1       160.4       128.6  
Less: Undistributed earnings of less than 50% owned affiliates
    (0.4 )     (1.8 )     (2.2 )     (2.5 )     (3.2 )     (2.0 )
                                                 
Adjusted income from continuing operations before income taxes
    78.5       186.6       203.2       177.6       157.2       126.6  
Total fixed charges as defined
    14.4       58.5       48.1       45.3       42.3       38.0  
                                                 
Total earnings as defined
  $ 92.9     $ 245.1     $ 251.3     $ 222.9     $ 199.5     $ 164.6  
                                                 
FIXED CHARGES
                                               
Interest expense
  $ 13.7     $ 54.0     $ 44.0     $ 43.5     $ 40.4     $ 35.9  
Allowance for funds used during construction
    0.1       2.0       1.8       0.3       0.2       0.4  
Interest factor applicable to rentals
    0.6       2.5       2.3       1.5       1.7       1.7  
                                                 
Total fixed charges as defined
  $ 14.4     $ 58.5     $ 48.1     $ 45.3     $ 42.3     $ 38.0  
Preferred stock dividend requirements *
    1.3       4.9       4.8       4.9       4.9       4.7  
                                                 
Total fixed charges and preferred stock dividend requirements
  $ 15.7     $ 63.4     $ 52.9     $ 50.2     $ 47.2     $ 42.7  
                                                 
RATIO OF EARNINGS TO FIXED CHARGES
    6.5       4.2       5.2       4.9       4.7       4.3  
                                                 
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
    5.9       3.9       4.7       4.4       4.2       3.9  
                                                 
                                                 
* Represents preferred stock dividend requirements of Wisconsin Public Service computed by dividing the preferred stock dividend requirements by 100% minus the income tax rate.