EX-12 3 ex12.txt STATEMENTS RE. COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT (12) CMS ENERGY CORPORATION Ratio of Earnings to Fixed Charges and Preferred Securities Dividends and Distributions (Millions of Dollars)
Six Months Ended Years Ended December 31 - June 30, 2000 1999 1998 1997 1996 1995 ------------------------------------------------------------------ (b) Earnings as defined (a) Consolidated net income $ 161 $ 277 $ 242 $ 244 $ 224 $ 195 Income taxes 68 64 100 108 137 113 Exclude equity basis subsidiaries (101) (84) (92) (80) (85) (57) Fixed charges as defined, adjusted to exclude capitalized interest of $21, $42, $28, $13, $5 and $4 million for the six months ended June 30, 2000 and for the years ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively 360 395 395 360 313 299 ----------------------------------------------------------- Earnings as defined $ 488 $ 845 $ 645 $ 632 $ 589 $ 550 =========================================================== Fixed charges as defined (a) Interest on long-term debt $ 291 $ 507 $ 319 $ 273 $ 230 $ 224 Estimated interest portion of lease rental 4 7 8 8 10 9 Other interest charges 11 57 48 49 43 42 Preferred securities dividends and distributions 74 96 77 67 54 42 ----------------------------------------------------------- Fixed charges as defined $ 380 $ 662 $ 452 $ 397 $ 337 $ 317 =========================================================== Ratio of earnings to fixed charges and preferred securities dividends and distributions 1.28 1.28 1.43 1.59 1.75 1.74 ===========================================================
NOTES: (a) Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. (b) Excludes a cumulative effect of change in accounting after-tax gain of $43 million.