EX-99.5 8 exhibit99-5.htm 2005 FORM 10-K'S EXHIBIT 12.1 WPS RESOURCES RATIO OF EARNINGS TO FIXED CHARGES 2005 Form 10-K's Exhibit 12.1 WPS Resources Ratio of Earnings to Fixed Charges
                   
Exhibit 99.5
  
                       
See Item 8.01 of the accompanying Current Report on Form 8-K for a detailed discussion of the facts surrounding, rationale for and other matters involving the following disclosure.
      
                       
The following information replaces Exhibit 12.1 (Ratio of Earnings to Fixed Charges) previously filed in the Annual Report on Form 10-K for the year ended December 31, 2005 of WPS Resources.
      
                       
                   
Exhibit 12.1
  
WPS Resources Corporation
    
Ratio of Earnings to Fixed Charges
   
                       
                       
(Millions)
  
2005
 
2004
 
2003
 
2002
 
2001
  
EARNINGS
                      
Income available to common shareholders
  
$
157.4
  
$
139.7
  
$
94.7
  
$
109.4
  
$
77.6
  
Discontinued operations, net of tax
    
($9.1
)
$
13.4
  
$
16.0
  
$
6.0
  
$
6.9
  
Cumulative effect of change in accounting principles, net of tax
    
1.6
   
-
   
(3.2
)
  
-
   
-
 
Federal and state income taxes
    
41.4
   
30.0
   
33.7
   
28.7
   
9.2
 
                                 
Pretax earnings from continuing operations
    
191.3
   
183.1
   
141.2
   
144.1
   
93.7
 
                                 
Loss (income) from less than 50% equity investees
    
(10.3
)
  
(3.6
)
  
4.2
   
4.1
   
(6.5
)
Distributed earnings of less than 50% equity investees
    
17.8
   
11.7
   
7.5
   
7.0
   
3.5
 
                                 
Fixed charges
    
69.5
   
61.5
   
63.2
   
63.5
   
62.1
 
                                 
Subtract:
                                
  Preferred dividend requirement
    
4.9
   
4.7
   
4.9
   
4.8
   
4.6
 
  Minority interest
    
4.5
   
3.4
   
5.6
   
-
   
-
 
Total earnings as defined
  
$
258.9
  
$
244.6
  
$
205.6
  
$
213.9
  
$
148.2
  
                                 
FIXED CHARGES
                                
Interest on long-term debt, including related amortization
  
$
51.2
  
$
48.9
  
$
47.6
  
$
43.3
  
$
39.5
  
Other interest
    
11.2
   
6.0
   
5.5
   
10.2
   
12.2
 
Distributions - preferred securities of subsidiary trust
    
-
   
-
   
3.5
   
3.5
   
3.5
 
Interest factor applicable to rentals
    
2.2
   
1.9
   
1.7
   
1.7
   
2.3
 
Preferred dividends (grossed up) (see below)
    
4.9
   
4.7
   
4.9
   
4.8
   
4.6
 
                                 
Total fixed charges
 
$
69.5
  
$
61.5
  
$
63.2
  
$
63.5
  
$
62.1
  
                                 
Ratio of earnings to fixed charges
   
3.7
   
4.0
   
3.3
   
3.4
   
2.4
 
                                 
                                 
PREFERRED DIVIDEND CALCULATION:
                                
                                 
Preferred dividends
  
$
3.1
  
$
3.1
  
$
3.1
  
$
3.1
  
$
3.1
  
                                 
Tax rate *
    
36.9
%
  
33.7
%
  
36.5
%
  
35.8
%
  
32.5
%
                                 
Preferred dividends (grossed up)
  
$
4.9
  
$
4.7
  
$
4.9
  
$
4.8
  
$
4.6
  
                                 
                                 
* The tax rate has been adjusted to exclude the impact of tax credits.
    
                                 
 
 
 
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