EX-12 5 0005.txt STMT RE: COMP. OF RATIO OF EARNINGS TO FXD CHGS. EXHIBIT 12.1 WISCONSIN ENERGY CORPORATION STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)
Twelve Months Ended -------------------------------------------------------------------- 12/31/96 12/31/97 12/31/98 12/31/99 12/31/00 -------- -------- -------- -------- -------- (Millions of Dollars) Pre-Tax Income Net Income $218.1 $ 60.7 $188.1 $209.0 $154.2 Income taxes 125.3 31.0 92.2 111.1 125.9 ------ ------ ------ ------ ------ Total Pre-Tax Income 343.4 91.7 280.3 320.1 280.1 Fixed Charges Interest Charges Interest on Long-Term Debt (a) 103.1 110.1 108.5 124.2 137.3 Other Interest Expense 9.0 9.6 19.3 24.1 106.2 Interest Factors of Rent Nuclear Fuel 2.3 0.9 3.1 3.5 3.9 Long-Term Purchase Power Contract(b) - 5.6 20.3 20.4 21.0 ------ ------ ------ ------ ------ Total Interest Charges 114.4 126.2 151.2 172.2 268.4 Preferred Stock Dividends Requirements of Wisconsin Electric Power Company Amount Not Tax Deductible 0.7 0.7 0.7 0.7 0.7 Ratio of Pre-Tax Income to Net Income 1.6 1.5 1.5 1.5 1.8 ------ ------ ------ ------ ------ 1.1 1.1 1.1 1.1 1.3 Amount Tax Deductible 0.5 0.5 0.5 0.5 0.5 ------ ------ ------ ------ ------ Total Preferred Stock Dividend Requirements of Wisconsin Electric Power Company 1.6 1.6 1.6 1.6 1.8 Distributions on Preferred Securities of Subsidiary Trust - - - 10.5 13.7 ------ ------ ------ ------ ------ Total Fixed Charges As Defined 116.0 127.8 152.8 184.3 283.9 ------ ------ ------ ------ ------ Earnings Before Income Taxes & Fixed Charges $459.4 $219.5 $433.1 $504.4 $564.0 ====== ====== ====== ====== ====== Ratio of Earnings to Fixed Charges 4.0x 1.7x 2.8x 2.7x 2.0x
(a) Includes amortization of debt premium, discount and expense. (b) Wisconsin Electric has entered into a long-term power purchase contract that is being accounted for as a capital lease.