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Exhibit 12.1 |
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WPS Resources Corporation |
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Ratio of Earnings to Fixed Charges |
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|
2003 |
2002 |
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(Millions) |
2002 |
2001 |
2000 |
1999 |
1998 |
6 Months |
6 Months |
|
EARNINGS |
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Income available to common shareholders |
$ 109.4 |
$ 77.6 |
$ 67.0 |
$ 59.6 |
$ 46.6 |
$ 35.7 |
$ 49.8 |
|
Federal and state income taxes |
24.8 |
4.8 |
6.0 |
29.7 |
23.4 |
1.9 |
9.2 |
|
Net pretax income |
134.2 |
82.4 |
73.0 |
89.3 |
70.0 |
37.6 |
59.0 |
|
Fixed charges |
69.3 |
68.1 |
63.6 |
45.8 |
36.3 |
36.3 |
33.8 |
|
Subtract preferred dividend requirement |
4.8 |
4.5 |
4.6 |
4.7 |
4.6 |
2.6 |
2.6 |
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Subtract cumulative effect of change in accounting principle |
- |
- |
- |
- |
- |
3.2 |
- |
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Total earnings as defined |
$ 198.7 |
$ 146.0 |
$ 132.0 |
$ 130.4 |
$ 101.7 |
$ 68.1 |
$ 90.2 |
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FIXED CHARGES |
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Interest on long-term debt, including related amortization |
$ 49.1 |
$ 45.6 |
$ 41.7 |
$ 27.2 |
$ 24.0 |
$ 27.7 |
$ 24.6 |
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Other interest |
10.2 |
12.2 |
11.9 |
8.5 |
4.8 |
2.4 |
4.0 |
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Distributions - preferred securities of subsidiary trust |
3.5 |
3.5 |
3.5 |
3.5 |
1.5 |
1.8 |
1.8 |
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Interest factor applicable to rentals |
1.7 |
2.3 |
1.9 |
1.9 |
1.4 |
1.8 |
0.8 |
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Preferred dividends (grossed up) (see below) |
$ 4.8 |
$ 4.5 |
$ 4.6 |
$ 4.7 |
$ 4.6 |
$ 2.6 |
$ 2.6 |
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Total fixed charges |
$ 69.3 |
$ 68.1 |
$ 63.6 |
$ 45.8 |
$ 36.3 |
$ 36.3 |
$ 33.8 |
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Ratio of earnings to fixed charges |
2.9 |
2.1 |
2.1 |
2.8 |
2.8 |
1.9 |
2.7 |
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PREFERRED DIVIDEND CALCULATION: |
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Preferred dividends |
$ 3.1 |
$ 3.1 |
$ 3.1 |
$ 3.1 |
$ 3.1 |
$ 1.6 |
$ 1.6 |
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Tax rate * |
35.6% |
31.7% |
32.0% |
33.8% |
33.1% |
38.4% |
37.3% |
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Preferred dividends (grossed up) |
$ 4.8 |
$ 4.5 |
$ 4.6 |
$ 4.7 |
$ 4.6 |
$ 2.6 |
$ 2.6 |
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* The tax rate has been adjusted to exclude the impact of tax credits. |
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