EX-12.1 5 d316229dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

CMS ENERGY CORPORATION

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

 

In Millions, Except Ratios    

 

  
       Three Months Ended       Year Ended December 31  
     March 31, 2012       2011     2010     2009      2008     20071   

 

  
  Earnings as defined2              

Pretax income from continuing operations

      $      98          $ 606      $ 590      $ 335       $ 440      $ (317)    

Exclude equity basis subsidiaries

      (3)         (1 )      (2 )      2         (1 )      (22)    

Fixed charges as defined3

      104          437        449        456         429        489     

 

  
  Earnings as defined3      $    199          $  1,042      $  1,037      $     793       $     868      $      150     

 

  
  Fixed charges as defined2              

Interest on long-term debt

      $      94          $ 396      $ 394      $ 383       $ 371      $ 415     

Estimated interest portion of lease rental

      4          18        16        17         25        23     

Other interest charges

      6          25        42        58         35        53     

 

  
  Fixed charges as defined3      $    104          $ 439      $ 452      $ 458       $ 431      $ 491     
  Preferred dividends      -          -        13        17         17        12     

 

  

  Combined fixed charges and preferred dividends

      $    104          $ 439      $ 465      $ 475       $ 448      $ 503     

 

  
  Ratio of earnings to fixed charges      1.91          2.37        2.29        1.73         2.01        -     

 

  

  Ratio of earnings to combined fixed charges and preferred dividends

      1.91          2.37        2.23        1.67         1.94        -     

 

  

NOTES:

 

  1 

For the year ended December 31, 2007, fixed charges exceeded earnings by $341 million and combined fixed charges and preferred dividends exceeded earnings by $353 million. Earnings as defined include $204 million in asset impairment charges and a $279 million charge for an electric sales contract termination.

 

  2

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

 

  3

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.