EX-12.3 4 lnt6302012ex123.htm RATIO OF EARNINGS TO FIXED CHARGES FOR WPL LNT 6.30.2012 Ex 12.3


Exhibit 12.3

WISCONSIN POWER AND LIGHT COMPANY

RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDEND REQUIREMENTS

 
Six Months
 
 
 
 
 
 
 
Ended June 30,
 
Years Ended Dec. 31,
 
2012
 
2011
 
2011
2010
2009
2008
2007
 
(dollars in millions)
EARNINGS:
 
 
 
 
 
 
 
 
 
Net income

$68.0

 

$69.4

 

$163.5


$152.3


$89.5


$118.4


$113.5

Income taxes (a)
44.3

 
32.7

 
81.9

98.3

45.8

68.4

59.3

Income before income taxes
112.3

 
102.1

 
245.4

250.6

135.3

186.8

172.8

Fixed charges as defined
50.3

 
50.4

 
103.3

101.6

99.9

90.7

84.8

Adjustment for undistributed equity earnings
(3.9
)
 
(3.2
)
 
(6.4
)
(5.6
)
(7.1
)
(6.1
)
(6.7
)
Total earnings as defined

$158.7

 

$149.3

 

$342.3


$346.6


$228.1


$271.4


$250.9

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
Interest expense

$39.9

 

$40.1

 

$79.9


$78.6


$74.8


$62.2


$49.6

Estimated interest component of rent expense
10.4

 
10.3

 
23.4

23.0

25.1

28.5

35.2

Total fixed charges as defined

$50.3

 

$50.4

 

$103.3


$101.6


$99.9


$90.7


$84.8

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
3.16
 
2.96

 
3.31

3.41

2.28

2.99

2.96

 
 
 
 
 
 
 
 
 
 
Preferred dividend requirements (pre-tax basis) (b)

$2.8

 

$2.5

 

$5.0


$5.4


$5.0


$5.2


$5.0

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred dividend requirements

$53.1

 

$52.9

 

$108.3


$107.0


$104.9


$95.9


$89.8

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and
 
 
 
 
 
 
 
 
 
   Preferred Dividend Requirements
2.99
 
2.82

 
3.16

3.24

2.17

2.83

2.79


(a) Includes net interest related to unrecognized tax benefits.

(b) Preferred dividend requirements (pre-tax basis) are computed by dividing the preferred dividend requirements by one hundred percent minus the respective year-to-date effective income tax rate.