EX-12.1 3 a12-24475_1ex12d1.htm EX-12.1

Exhibit 12.1

CMS ENERGY CORPORATION

Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions, Except Ratios

 

Nine Months
Ended

 

 

Year Ended December 31

 

 

September 30, 2012

 

 

2011

 

 

2010

 

 

2009

 

 

2008

 

 

20071

 

Earnings as defined2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

continuing operations

 

 

$   513

 

 

$     606

 

 

$     590

 

 

$   335

 

 

$   440

 

 

$  (317

)

Exclude equity basis subsidiaries

 

 

(6

)

 

(1)

 

 

(2

)

 

2

 

 

(1

)

 

(22

)

Fixed charges as defined3

 

 

311

 

 

437

 

 

449

 

 

456

 

 

429

 

 

489

 

Earnings as defined3

 

 

$   818

 

 

$  1,042

 

 

$  1,037

 

 

$   793

 

 

$   868

 

 

$   150

 

Fixed charges as defined2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

 

$   280

 

 

$     396

 

 

$     394

 

 

$   383

 

 

$   371

 

 

$   415

 

Estimated interest portion of lease rental

 

 

15

 

 

18

 

 

16

 

 

17

 

 

25

 

 

23

 

Other interest charges

 

 

17

 

 

25

 

 

42

 

 

58

 

 

35

 

 

53

 

Fixed charges as defined3

 

 

312

 

 

439

 

 

452

 

 

458

 

 

431

 

 

491

 

Preferred dividends

 

 

-

 

 

-

 

 

13

 

 

17

 

 

17

 

 

12

 

Combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred dividends

 

 

$   312

 

 

$     439

 

 

$     465

 

 

$   475

 

 

$   448

 

 

$   503

 

Ratio of earnings to fixed charges

 

 

2.62

 

 

2.37

 

 

2.29

 

 

1.73

 

 

2.01

 

 

-

 

Ratio of earnings to combined fixed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

charges and preferred dividends

 

 

2.62

 

 

2.37

 

 

2.23

 

 

1.67

 

 

1.94

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES:

1 For the year ended December 31, 2007, fixed charges exceeded earnings by $341 million and combined fixed charges and preferred dividends exceeded earnings by $353 million.  Earnings as defined include $204 million in asset impairment charges and a $279 million charge for an electric sales contract termination.

2 Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.

3 Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.