VECTREN UTILITY HOLDINGS INC - FORM 10-K - EX-12 - EXHIBIT 12 RATION OF EARNINGS - March 5, 2010

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10-K - VUHI 10K - VECTREN UTILITY HOLDINGS INCvuhi10_k.htm
EX-32 - EXHIBIT 32 CERTIFICATION - VECTREN UTILITY HOLDINGS INCex32.htm
EX-31.2 - EXHIBIT 31.2 CERTIFICATION - VECTREN UTILITY HOLDINGS INCex31_2.htm
EX-23.1 - EXHIBIT 23.1 CONSENT - VECTREN UTILITY HOLDINGS INCex23_1.htm
EX-21.1 - EXHIBIT 21.1 LIST OF SUBSIDERARY'S - VECTREN UTILITY HOLDINGS INCex21_1.htm
EX-31.1 - EXHIBIT 31.1 CERTIFICATION - VECTREN UTILITY HOLDINGS INCex31_1.htm
Exhibit 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
  
(In Thousands, Except Ratios)
  
                               
                               
                               
   
Twelve months
    
Twelve months
    
Twelve months
    
Twelve months
    
Twelve months
  
   
Ended
    
Ended
    
Ended
    
Ended
    
Ended
  
   
December 31,
    
December 31,
    
December 31,
    
December 31,
    
December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
                               
                               
Earnings: (1)
                              
Net income (2)
   $ 107,428     $ 111,136     $ 106,506     $ 91,377     $ 95,128  
Income taxes
     59,244       67,560       66,741       47,691       57,500  
Fixed Charges (See below) (3)
     80,107       80,611       81,145       78,345       71,007  
Less:  Preferred stock dividend
     -       -       -       -       4  
    Total adjusted earnings
   $ 246,779     $ 259,307     $ 254,392     $ 217,413     $ 223,631  
Fixed charges: (3)
                                        
    Total interest expense
   $ 79,203     $ 79,877     $ 80,576     $ 77,538     $ 69,942  
    Interest component of rents
     904       734       569       807       1,061  
    Preferred stock dividend
     -       -       -       -       4  
       Total fixed charges
   $ 80,107     $ 80,611     $ 81,145     $ 78,345     $ 71,007  
                                         
Ratio of earnings to fixed charges
     3.1       3.2       3.1       2.8       3.1  
 
                        (1) For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges and less preferred stock dividends of a consolidated subsidiary.
 
                      (2)  Net income, as defined, is before preferred stock dividend requirement of subsidiary and cumulative effect of change in accounting principle.
 
                                            (3)  Fixed charges consist of total interest, amortization of debt discount, premium and expense, the estimated portion of interest implicit in rentals, and preferred 
                                                      stock dividends of a consolidated subsidiary.
 
                                                      
 
 
 

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