EX-12 7 exhibit_12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exhibit_12.htm
 
Exhibit 12
 
ALLETE 2007 Form 10-K

 

ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)

For the Year Ended December 31
2007
2006
2005
2004
2003
Millions Except Ratios
          
           
Income from Continuing Operations
          
Before Minority Interest and Income Taxes
$137.2
$128.2
$19.8
$57.0
$49.5
Less:  Minority Interest (a)
–
–
–
2.1
2.6
Undistributed Income from Less than 50 percent
          
Owned Equity Investment
3.3
2.3
–
–
2.9
 
133.9
125.9
19.8
54.9
44.0
Fixed Charges
          
Interest on Long-Term Debt
21.2
22.2
23.1
60.3
70.0
Capitalized Interest
2.0
0.6
0.3
0.7
1.2
Other Interest Charges (b)
3.5
5.3
3.5
8.7
4.3
Interest Component of All Rentals (c)
1.9
2.0
2.8
3.5
8.0
Total Fixed Charges
28.6
30.1
29.7
73.2
83.5
Earnings Before Income Taxes and Fixed Charges
          
(Excluding Capitalized Interest)
$160.5
$155.4
$49.2
$127.4
$126.3
Ratio of Earnings to Fixed Charges
5.61
5.16
1.66
1.74
1.51

(a)  
Pre-tax income of subsidiaries that have not incurred fixed charges.
(b)  
Includes interest expense relating to the adoption of FIN 48 – “Accounting for Uncertainty in Income Taxes.”
(c)  
Represents interest portion of rents estimated at 33 1/3 percent.