EX-12.1 4 a2197952zex-12_1.htm EXHIBIT 12.1

EXHIBIT 12.1

 

CIPS Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(Thousands of Dollars, Except Ratios)

 

 

 

Year Ended December 31,

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

 

Net income from continuing operations

 

$

42,998

 

$

37,372

 

$

16,535

 

$

14,739

 

$

28,897

 

Add- Taxes based on income

 

24,596

 

15,539

 

9,322

 

5,199

 

16,265

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income taxes

 

67,594

 

52,911

 

25,857

 

19,938

 

45,162

 

Add- fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term and long-term debt

 

28,969

 

29,932

 

36,670

(1)

29,422

(1)

28,315

(1)

Estimated interest cost within rental expense

 

—

 

726

 

899

 

760

 

1,216

 

Amortization of net debt premium, discount, and expenses

 

953

 

1,025

 

1,105

 

1,024

 

881

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

29,922

 

31,683

 

38,674

 

31,206

 

30,412

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

97,516

 

84,594

 

64,531

 

51,144

 

75,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.25

 

2.67

 

1.66

 

1.63

 

2.48

 

Earnings required for combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

2,512

 

2,512

 

2,512

 

2,512

 

2,512

 

Adjustment to pretax basis

 

1,437

 

1,045

 

1,416

 

886

 

1,414

 

 

 

3,949

 

3,557

 

3,928

 

3,398

 

3,926

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividend requirements

 

$

33,871

 

$

35,240

 

$

42,602

 

$

34,604

 

$

34,338

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividend requirements

 

2.87

 

2.40

 

1.51

 

1.47

 

2.20

 

 

(1)          Includes FIN 48 interest expense