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Content analysis
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- 10-K Annual report
- PDF PDF Copy of Form 10-K with Exhibits
- 10.10 WPS Resources Deferred Compensation Plan As Amended and Restated Effective January 1, 2005
- 10.19 Joint Plant Agreement by and Between WPSC and Dairyland Power Cooperative
- 12.1 WPS Resources Ratio of Earnings to Fixed Charges
- 12.2 WPSC Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Dividends
- 21 Organization Chart
- 23.1 Independent Auditors' Consent for WPS Resources
- 23.2 Independent Auditors' Consent for WPSC
- 24 Powers of Attorney
- 31.1 Certification of CEO for WPS Resources
- 31.2 Certification of CFO for WPS Resources
- 31.3 Certification of CEO for WPSC
- 31.4 Certification of CFO for WPSC
- 32.1 Written Statement of CEO and CFO for WPS Resources
- 32.2 Written Statement of CEO and CFO for WPSC
Exhibit 12.1 | |||||
WPS Resources Corporation | |||||
(Millions) | 2004 | 2003 | 2002 | 2001 | 2000 |
EARNINGS | |||||
Income available to common shareholders | $139.7 | $94.7 | $109.4 | $77.6 | $67.0 |
Discontinued operations | 13.4 | 16.0 | 6.0 | 6.9 | 5.5 |
Cumulative effect of change in accounting principles | - | (3.2) | - | - | - |
Federal and state income taxes | 30.0 | 33.7 | 28.7 | 9.2 | 9.7 |
Pretax earnings from continuing operations | 183.1 | 141.2 | 144.1 | 93.7 | 82.2 |
Loss (income) from less than 50% equity investees | (3.6) | 4.2 | 4.1 | (6.5) | - |
Distributed earnings of less than 50% equity investees | 11.7 | 7.5 | 7.0 | 3.5 | - |
Fixed charges | 61.5 | 63.2 | 63.5 | 62.1 | 58.9 |
Subtract: | |||||
Preferred dividend requirement | 4.7 | 4.9 | 4.8 | 4.6 | 4.6 |
Minority interest | 3.4 | 5.6 | - | - | - |
Total earnings as defined | $244.6 | $205.6 | $213.9 | $148.2 | $136.5 |
FIXED CHARGES | |||||
Interest on long-term debt, including related amortization | $48.9 | $47.6 | $43.3 | $39.5 | $37.0 |
Other interest | 6.0 | 5.5 | 10.2 | 12.2 | 11.9 |
Distributions - preferred securities of subsidiary trust | - | 3.5 | 3.5 | 3.5 | 3.5 |
Interest factor applicable to rentals | 1.9 | 1.7 | 1.7 | 2.3 | 1.9 |
Preferred dividends (grossed up) (see below) | 4.7 | 4.9 | 4.8 | 4.6 | 4.6 |
Total fixed charges | $61.5 | $63.2 | $63.5 | $62.1 | $58.9 |
Ratio of earnings to fixed charges | 4.0 | 3.3 | 3.4 | 2.4 | 2.3 |
PREFERRED DIVIDEND CALCULATION: | |||||
Preferred dividends | $3.1 | $3.1 | $3.1 | $3.1 | $3.1 |
Tax rate * | 33.7% | 36.5% | 35.8% | 32.5% | 32.0% |
Preferred dividends (grossed up) | $4.7 | $4.9 | $4.8 | $4.6 | $4.6 |
* The tax rate has been adjusted to exclude the impact of tax credits. | |||||