Attached files
EXHIBIT 12.1 |
||||||||||||||
WISCONSIN ELECTRIC POWER COMPANY |
||||||||||||||
STATEMENT OF COMPUTATION OF |
||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
||||||||||||||
(Unaudited) |
||||||||||||||
Six |
||||||||||||||
Months |
||||||||||||||
Ended |
Twelve Months Ended |
|||||||||||||
6/30/10 |
6/30/10 |
12/31/09 |
12/31/08 |
12/31/07 |
12/31/06 |
12/31/05 |
||||||||
(Millions of Dollars) |
||||||||||||||
Pre-tax Income |
$ 212.9 |
$ 421.4 |
$ 435.3 |
$ 439.4 |
$ 468.7 |
$ 438. 5 |
$ 443.6 |
|||||||
Subtract: |
||||||||||||||
Capitalized Interest |
(5.5) |
(9.4) |
(6.6) |
(3.0) |
(1.8) |
(5.1) |
(4.6) |
|||||||
Earnings Before Adding Fixed Charges (a) |
207.4 |
412.0 |
428.7 |
436.4 |
466.9 |
433.4 |
439.0 |
|||||||
Fixed Charges |
||||||||||||||
Interest on Long-Term Debt |
56.8 |
109.6 |
104.2 |
77.7 |
82.6 |
79.2 |
82.9 |
|||||||
Other Interest Expense |
0.3 |
0.9 |
2.7 |
11.9 |
12.2 |
13.0 |
7.4 |
|||||||
Estimated Interest Component of Rentals |
51.1 |
84.0 |
65.6 |
57.6 |
48.5 |
47.8 |
36.9 |
|||||||
Total Fixed Charges as Defined (b) |
108.2 |
194.5 |
172.5 |
147.2 |
143.3 |
140.0 |
127.2 |
|||||||
Total Earnings as Defined |
$ 315.6 |
$ 606.5 |
$ 601.2 |
$ 583.6 |
$ 610.2 |
$ 573.4 |
$ 566.2 |
|||||||
Ratio of Earnings to Fixed Charges |
2.9x |
3.1x |
3.5x |
4.0x |
4.3x |
4.1x |
4.5x |
|||||||
(a) Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of |
||||||||||||||
unconsolidated affiliates) and subtracting capitalized interest. |
||||||||||||||
(b) Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of |
||||||||||||||
lease expense), capitalized interest and amortization of debt expenses. |
||||||||||||||