EX-12 3 rexh12.htm WPS RESOURCES 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

2002
6 Months

2001
6 Months

EARNINGS

Income available to common shareholders

$77.6

$67.0

$59.6

$46.6

$55.8

$49.8

$35.2

Federal and state income taxes

4.8

6.0

29.7

23.4

31.1

9.2

(3.6)

Net pretax income

82.4

73.0

89.3

70.0

86.9

59.0

31.6

Fixed charges

68.1

63.6

45.8

36.3

37.6

33.5

34.2

Subtract preferred dividend requirement

4.5

4.6

4.7

4.6

4.8

2.3

2.1

Total earnings as defined

$146.0

$132.0

$130.4

$101.7

$119.7

$90.2

$63.7

FIXED CHARGES

Interest on long-term debt, including related amortization

$45.6

$41.7

$27.2

$24.0

$26.3

$24.6

$22.2

Other interest

12.2

11.9

8.5

4.8

4.9

4.0

6.6

Distributions - preferred securities of subsidiary trust

3.5

3.5

3.5

1.5

0.0

1.8

1.8

Interest factor applicable to rentals

2.3

1.9

1.9

1.4

1.6

0.8

1.5

Fixed charges before preferred dividend requirement

$63.6

$59.0

$41.1

$31.7

$32.8

$31.2

$32.1

Ratio of earnings to fixed charges before preferred dividends

2.3

2.2

3.2

3.2

3.6

2.9

2.0

Preferred dividends (grossed up) (see below)

$4.5

$4.6

$4.7

$4.6

$4.8

$2.3

$2.1

Total fixed charges including preferred dividend

$68.1

$63.6

$45.8

$36.3

$37.6

$33.5

$34.2

Ratio of earnings to fixed charges

2.1

2.1

2.8

2.8

3.2

2.7

1.9

PREFERRED DIVIDEND CALCULATION:

Preferred dividends

$3.1

$3.1

$3.1

$3.1

$3.1

$1.6

$1.6

Tax rate *

31.7%

32.0%

33.8%

33.1%

34.8%

29.0%

22.3%

Preferred dividends (grossed up)

$4.5

$4.6

$4.7

$4.6

$4.8

$2.3

$2.1

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