EX-12.01 5 a08-23108_1ex12d01.htm EX-12.01

Exhibit 12.01

 

NSP-WISCONSIN (CONSOLIDATED)

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars)

 

 

 

Six Months Ended

 

Year Ended December 31,

 

 

 

June 30, 2008

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

30,683

 

$

59,984

 

$

68,142

 

$

41,633

 

$

89,600

 

$

84,506

 

Add: Fixed charges

 

12,277

 

23,589

 

23,920

 

24,606

 

22,956

 

24,427

 

Deduct: Undistributed equity in earnings (loss) of unconsolidated affiliates

 

—

 

—

 

—

 

—

 

(10

)

21

 

Earnings as defined

 

$

42,960

 

$

83,573

 

$

92,062

 

$

66,239

 

$

112,566

 

$

108,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

$

11,583

 

$

22,967

 

$

23,149

 

$

23,242

 

$

21,871

 

$

23,249

 

Interest charges on life insurance policy borrowings

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest component of operating leases

 

694

 

622

 

771

 

1,364

 

1,085

 

1,178

 

Distributions on redeemable preferred securities of subsidiary trust

 

—

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

$

12,277

 

$

23,589

 

$

23,920

 

$

24,606

 

$

22,956

 

$

24,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.5

 

3.5

 

3.8

 

2.7

 

4.9

 

4.6

 

 

 


 

STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars)

 

 

 

Pro Forma

 

 

 

Pro Forma

 

 

 

 

 

Six Months Ended

 

Six Months Ended

 

Year Ended

 

Year Ended December 31,

 

 

 

June 30, 2008

 

June 30, 2008

 

December 31, 2007

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

28,373

 

$

30,683

 

$

55,763

 

$

59,984

 

$

68,142

 

$

41,633

 

$

89,600

 

$

84,506

 

Add: Fixed charges

 

14,587

 

12,277

 

27,810

 

23,589

 

23,920

 

24,606

 

22,956

 

24,427

 

Deduct: Undistributed equity in earnings (loss) of unconsolidated affiliates

 

—

 

—

 

—

 

—

 

—

 

—

 

(10

)

21

 

Earnings as defined

 

$

42,960

 

$

42,960

 

$

83,573

 

$

83,573

 

$

92,062

 

$

66,239

 

$

112,566

 

$

108,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

$

13,893

 

$

11,583

 

$

27,188

 

$

22,967

 

$

23,149

 

$

23,242

 

$

21,871

 

$

23,249

 

Interest charges on life insurance policy borrowings

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest component of operating leases

 

694

 

694

 

622

 

622

 

771

 

1,364

 

1,085

 

1,178

 

Distributions on redeemable preferred securities of subsidiary trust

 

—

 

—

 

 

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

$

14,587

 

$

12,277

 

$

27,810

 

$

23,589

 

$

23,920

 

$

24,606

 

$

22,956

 

$

24,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.9

 

3.5

 

3.0

 

3.5

 

3.8

 

2.7

 

4.9

 

4.6