EX-12 17 exh12.htm WPS RESOURCES RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

WPS Resources Corporation

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Fixed Charges and Preferred Dividends

2000

1999

1998

1997

1996

1995

EARNINGS

Net income

66,993

59,565

46,631

55,809

52,885

60,634

Federal and state income taxes

  6,005

 29,741

 23,445

 31,106

 27,216

 33,494

Net pretax income

72,998

89,306

70,076

86,915

80,101

94,128

Fixed charges

62,429

45,405

36,310

37,533

35,822

35,818

Subtract preference dividend

requirement

  3,378

  4,588

  4,606

  4,791

  4,657

  4,783

Total earnings as defined

132,049

130,123

101,780

119,657

111,266

125,163

FIXED CHARGES

Interest on long-term debt,

including related amort.

41,677

27,162

23,987

26,273

25,494

26,839

Other interest

11,855

8,507

4,827

4,910

3,922

2,677

Distributions-preferred securities

of subsidiary trust

3,501

3,501

1,488

0

0

0

Interest factor applicable to

rentals

  2,018

  1,647

  1,402

  1,559

  1,749

  1,519

Fixed charges before preferred

dividend requirement

59,051

40,817

31,704

32,742

31,165

31,035

Ratio of earnings to fixed

charges

2.24

3.19

3.21

3.65

3.57

4.03

Preferred dividends (grossed up)

(see below)

3,378

4,588

4,606

4,791

4,657

4,783

Total fixed charges including

preferred dividend

62,429

45,405

36,310

37,533

35,822

35,818

Ratio of earnings to fixed charges

and preferred dividends

2.12

2.87

2.80

3.19

3.11

3.49

PREFERRED DIVIDEND CALCULATION:

Preferred dividends

3,111

3,111

3,132

3,133

3,134

3,136

Tax rate

7.90%

32.20%

32.00%

34.60%

32.70%

34.44%

Preferred dividends (grossed up)

3,378

4,588

4,606

4,791

4,657

4,783