EX-12 3 exh12.htm RATIO OF EARNINGS

Exhibit 12 

 

 

 

 

 

 

 

WPS Resources Corporation 

Ratio of Earnings to Fixed Charges and 

Ratio of Earnings to Fixed Charges and Preferred Dividends 

           

(Millions)

2001

2000

1999

1998

1997

1996

EARNINGS

            

Income available to common shareholders

$ 77.6

$ 67.0

$ 59.6

$ 46.6

$ 55.8

$ 52.9

Federal and state income taxes

  4.8

  6.0

 29.7

 23.4

 31.1

 27.2

           

Net pretax income

82.4

73.0

89.3

70.0

86.9

80.1

           

Fixed charges

68.3

63.7

45.5

36.3

37.6

35.7

           

Subtract preferred dividend requirement

  4.5

  4.6

  4.7

  4.6

  4.8

  4.6
           

Total earnings as defined

$146.2

$132.1

$130.1

$101.7

$119.7

$111.2

           

FIXED CHARGES

            

Interest on long-term debt, including related amortization

$ 45.6

$ 41.7

$ 27.2

$ 24.0

$ 26.3

$ 25.5

Other interest

12.2

11.9

8.5

4.8

4.9

3.9

Distributions - preferred securities of subsidiary trust

3.5

3.5

3.5

1.5

0.0

0.0

Interest factor applicable to rentals

  2.5

  2.0

  1.6

  1.4

  1.6

  1.7

           

Fixed charges before preferred dividend requirement

$ 63.8

$ 59.1

$ 40.8

$ 31.7

$ 32.8

$ 31.1

           

Ratio of earnings to fixed charges

2.3

2.2

3.2

3.2

3.6

3.6

           

Preferred dividends (grossed up) (see below)

$  4.5

$  4.6

$  4.7

$  4.6

$  4.8

$  4.6

           

Total fixed charges including preferred dividend

$ 68.3

$ 63.7

$ 45.5

$ 36.3

$ 37.6

$ 35.7

           

Ratio of earnings to fixed charges and preferred dividends

2.1

2.1

2.9

2.8

3.2

3.1

           

PREFERRED DIVIDEND CALCULATION:

            

           

Preferred dividends

$3.1

$3.1

$3.1

$3.1

$3.1

$3.1

           

Tax rate *

31.7%

32.0%

33.8%

33.1%

34.8%

33.0%

           

Preferred dividends (grossed up)

$4.5

$4.6

$4.7

$4.6

$4.8

$4.6
             

* The tax rate has been adjusted to exclude the impact of tax credits.