EX-12.1 3 a13-13976_1ex12d1.htm EX-12.1

Exhibit 12.1

 

CMS ENERGY CORPORATION

 

Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends

 

 

 

 

In Millions, Except Ratios

 

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year Ended December 31

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings as defined1

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

  374

 

$

  622

 

$

  606

 

$

  590

 

$

  335

 

$

  440

 

Exclude equity basis subsidiaries

 

 (5

)

 (7

)

 (1

)

 (2

)

 2

 

 (1

)

Fixed charges as defined2

 

 214

 

 414

 

 437

 

 449

 

 456

 

 429

 

Earnings as defined2

 

$

  583

 

$

  1,029

 

$

  1,042

 

$

  1,037

 

$

  793

 

$

  868

 

Fixed charges as defined1

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

$

  193

 

$

  372

 

$

  396

 

$

  394

 

$

  383

 

$

  371

 

Estimated interest portion of lease rental

 

 12

 

 21

 

 18

 

 16

 

 17

 

 25

 

Other interest charges

 

 10

 

 23

 

 25

 

 42

 

 58

 

 35

 

Fixed charges as defined2

 

 215

 

 416

 

 439

 

 452

 

 458

 

 431

 

Preferred dividends

 

 -

 

 -

 

 -

 

 13

 

 17

 

 17

 

Combined fixed charges and preferred dividends

 

$

  215

 

$

  416

 

$

  439

 

$

  465

 

$

  475

 

$

  448

 

Ratio of earnings to fixed charges

 

 2.71

 

 2.47

 

 2.37

 

 2.29

 

 1.73

 

 2.01

 

Ratio of earnings to combined fixed charges and preferred dividends

 

 2.71

 

 2.47

 

 2.37

 

 2.23

 

 1.67

 

 1.94

 

 

NOTES:

 

1 Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.

 

2 Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.