EX-12 7 exhibit1212-31x2014.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 12-31-2014


Exhibit 12

ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)

Year Ended December 31,
2014
2013
2012
2011
2010
Millions
 
 
 
 
 
Earnings are defined:
 
 
 
 
 
 
Pretax Income Before Non-Controlling Interest

$162.2


$133.3


$135.0


$129.2


$119.1

 
Add: Fixed Charges
62.5

56.7

51.2

47.6

43.4

 
Less: Non-Controlling Interest (a)
0.7

—

—

—

—

 
Undistributed Income from Less than 50 percent Owned Equity Investment
2.6

4.1

3.8

3.8

3.4

 
Earnings as defined:

$221.4


$185.9


$182.4


$173.0


$159.1

 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
Interest on Long-Term Debt

$55.6


$50.9


$47.0


$43.1


$39.7

 
Other Interest Charges
2.0

1.2

0.4

1.6

1.0

 
Interest Component of All Rentals (b)
4.9

4.6

3.8

2.9

2.7

 
Total Fixed Charges

$62.5


$56.7


$51.2


$47.6


$43.4

Ratio of Earnings to Fixed Charges
3.54

3.28

3.56

3.63

3.67

(a)
Pretax income of subsidiaries that have not incurred fixed charges.
(b)
Represents interest portion of rents estimated at 33 1/3 percent.