EX-12.1 3 d287367dex121.htm EXHBIT 12.1 Exhbit 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  

Years Ended December 31

    2011     2010     2009      2008     20071  

Earnings as defined 2

            

Pretax income from continuing operations

    $ 606      $ 590      $ 335       $ 440      $ (317 ) 

Exclude equity basis subsidiaries

      (1 )      (2 )      2         (1 )      (22 ) 

Fixed charges as defined3

      437        449        456         429        489   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings as defined3

    $ 1,042      $ 1,037      $ 793       $ 868      $ 150   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges as defined 2

            

Interest on long-term debt

    $ 396      $ 394      $ 383       $ 371      $ 415   

Estimated interest portion of lease rental

      18        16        17         25        23   

Other interest charges

      25        42        58         35        53   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges as defined3

    $ 439      $ 452      $ 458       $ 431      $ 491   

Preferred dividends

      —          13        17         17        12   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Combined fixed charges and preferred dividends

    $ 439      $ 465      $ 475       $ 448      $ 503   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      2.37        2.29        1.73         2.01        —     

Ratio of earnings to combined fixed charges and preferred dividends

      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.