EX-12 3 k58460ex12.txt CMS ENERGY: COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT (12) CMS ENERGY CORPORATION Ratio of Earnings to Fixed Charges and Preferred Securities Dividends and Distributions (Millions of Dollars)
Nine Months Ended September 30 Years Ended December 31 - 2000 1999 1998 1997 1996 1995 ------------------------------------------------------------- (b) Earnings as defined (a) Consolidated net income $ 216 $ 277 $ 242 $ 244 $ 224 $ 195 Income taxes 88 64 100 108 137 113 Exclude equity basis subsidiaries (125) (84) (92) (80) (85) (57) Fixed charges as defined, adjusted to exclude capitalized interest of $35, $41, $29, $13, $5 and $4 million for the nine months ended September 30, 2000 and for the years ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively 550 588 395 360 313 299 ------------------------------------------------------------- Earnings as defined $ 729 $ 845 $ 645 $ 632 $ 589 $ 550 ============================================================= Fixed charges as defined (a) Interest on long-term debt $ 443 $ 502 $ 319 $ 273 $ 230 $ 224 Estimated interest portion of lease rental 6 7 8 8 10 9 Other interest charges 24 57 48 49 43 42 Preferred securities dividends and distributions 111 96 77 67 54 42 ------------------------------------------------------------- Fixed charges as defined $ 584 $ 662 $ 452 $ 397 $ 337 $ 317 ============================================================= Ratio of earnings to fixed charges and preferred securities dividends and distributions 1.25 1.28 1.43 1.59 1.75 1.74 =============================================================
NOTES: (a) Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. (b) Excludes a cumulative effect of change in accounting after-tax gain of $43 million.