EX-12.1 6 a15-23273_1ex12d1.htm EX-12.1

Exhibit 12.1

 

CMS Energy Corporation

 

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

 

 

 

 

 

 

 

In Millions, Except Ratios

 

Years Ended December 31

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings as defined1

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

796

 

$

729

 

$

756

 

$

622

 

$

606

 

Exclude equity basis subsidiaries

 

(2

)

(1

)

(2

)

(7

)

(1

)

Fixed charges as defined2

 

421

 

432

 

423

 

414

 

437

 

Earnings as defined2

 

$

1,215

 

$

1,160

 

$

1,177

 

$

1,029

 

$

1,042

 

Fixed charges as defined1

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

$

386

 

$

393

 

$

385

 

$

372

 

$

396

 

Estimated interest portion of lease rental

 

21

 

21

 

21

 

21

 

18

 

Other interest charges

 

16

 

19

 

18

 

23

 

25

 

Fixed charges as defined2

 

423

 

433

 

424

 

416

 

439

 

Preferred dividends

 

-

 

-

 

-

 

-

 

-

 

Combined fixed charges and preferred dividends

 

$

423

 

$

433

 

$

424

 

$

416

 

$

439

 

Ratio of earnings to fixed charges

 

2.87

 

2.68

 

2.78

 

2.47

 

2.37

 

Ratio of earnings to combined fixed charges and preferred dividends

 

2.87

 

2.68

 

2.78

 

2.47

 

2.37

 

 

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

 

2                   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.