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EXHIBIT 12.1 |
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WISCONSIN ELECTRIC POWER COMPANY |
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STATEMENT OF COMPUTATION OF |
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RATIO OF EARNINGS TO FIXED CHARGES |
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(Unaudited) |
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Six |
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Months |
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Ended |
Twelve Months Ended |
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6/30/07 |
6/30/07 |
12/31/06 |
12/31/05 |
12/31/04 |
12/31/03 |
12/31/02 |
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(Millions of Dollars) |
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Pre-tax Income |
$202.2 |
$411.2 |
$438.5 |
$443.6 |
$397.1 |
$406.4 |
$414.6 |
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Subtract: |
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Capitalized Interest |
(0.8) |
(3.3) |
(5.1) |
(4.6) |
(0.9) |
(1.2) |
(1.7) |
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Earnings Before Adding Fixed Charges (a) |
201.4 |
407.9 |
433.4 |
439.0 |
396.2 |
405.2 |
412.9 |
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Fixed Charges |
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Interest on Long-Term Debt |
41.2 |
81.4 |
79.2 |
82.9 |
85.1 |
88.4 |
91.7 |
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Other Interest Expense |
6.5 |
12.1 |
13.0 |
7.4 |
5.4 |
4.2 |
3.2 |
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Estimated Interest Component of Rentals |
23.4 |
48.6 |
47.8 |
36.9 |
27.7 |
18.2 |
11.4 |
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Total Fixed Charges as Defined (b) |
71.1 |
142.1 |
140.0 |
127.2 |
118.2 |
110.8 |
106.3 |
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Total Earnings as Defined |
$272.5 |
$550.0 |
$573.4 |
$566.2 |
$514.4 |
$516.0 |
$519.2 |
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Ratio of Earnings to Fixed Charges |
3.8x |
3.9x |
4.1x |
4.5x |
4.4x |
4.7x |
4.9x |
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(a) Earnings before adding fixed charges is determined by starting with pre-tax income (less undistributed equity in earnings of |
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unconsolidated affiliates) and subtracting capitalized interest. |
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(b) Fixed Charges consists of interest charges on our long-term debt and short-term borrowings (including a representative portion of |
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lease expense), capitalized interest and amortization of debt expenses. |
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