Exhibit 12.2 | ||||||||||||||||||||||
Wisconsin Public Service Corporation | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges and | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | ||||||||||||||||||||||
(Millions) | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
EARNINGS | ||||||||||||||||||||||
Earnings on common stock | $ | 81.4 | $ | 104.8 | $ | 78.9 | $ | 83.1 | $ | 80.6 | $ | 70.4 | $ | 67.1 | ||||||||
Federal and state income taxes | 44.1 | 51.3 | 45.7 | 46.8 | 43.9 | 40.1 | 38.0 | |||||||||||||||
Net pretax income | 125.5 | 156.1 | 124.6 | 129.9 | 124.5 | 110.5 | 105.1 | |||||||||||||||
Income from less than 50% equity investees | 7.5 | 8.4 | 6.0 | 6.6 | 6.3 | 0.0 | 0.0 | |||||||||||||||
Distributed earnings of less than 50% equity investees | 5.5 | 5.9 | 4.3 | 5.4 | 3.3 | 0.0 | 0.0 | |||||||||||||||
Fixed charges | 42.7 | 40.4 | 38.8 | 41.2 | 39.3 | 37.7 | 33.6 | |||||||||||||||
Subtract preference dividend requirement | 4.7 | 4.6 | 4.8 | 4.8 | 4.7 | 4.8 | 4.8 | |||||||||||||||
Total earnings as defined | $ | 161.5 | $ | 189.4 | $ | 156.9 | $ | 165.1 | $ | 156.1 | $ | 143.4 | $ | 133.9 | ||||||||
FIXED CHARGES | ||||||||||||||||||||||
Interest on long-term debt, including related amortization | $ | 29.8 | $ | 29.9 | $ | 27.8 | $ | 27.2 | $ | 24.1 | $ | 21.6 | $ | 21.9 | ||||||||
Other interest | 6.5 | 4.5 | 4.9 | 7.9 | 9.2 | 10.1 | 5.6 | |||||||||||||||
Interest factor applicable to rentals | 1.7 | 1.4 | 1.3 | 1.3 | 1.3 | 1.2 | 1.3 | |||||||||||||||
Fixed charges before preferred dividend requirement | $ | 38.0 | $ | 35.8 | $ | 34.0 | $ | 36.4 | $ | 34.6 | $ | 32.9 | $ | 28.8 | ||||||||
Ratio of earnings to fixed charges | 4.3 | 5.3 | 4.6 | 4.5 | 4.5 | 4.4 | 4.6 | |||||||||||||||
Preferred dividends (grossed up) (see below) | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | $ | 4.7 | $ | 4.8 | $ | 4.8 | ||||||||
Total fixed charges including preferred dividend | $ | 42.7 | $ | 40.4 | $ | 38.8 | $ | 41.2 | $ | 39.3 | $ | 37.7 | $ | 33.6 | ||||||||
Ratio of earnings to fixed charges and preferred dividends | 3.8 | 4.7 | 4.0 | 4.0 | 4.0 | 3.8 | 4.0 | |||||||||||||||
PREFERRED DIVIDEND CALCULATION: | ||||||||||||||||||||||
Preferred dividends | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | $ | 3.1 | ||||||||
Tax rate | 34.5 | % | 32.4 | % | 35.6 | % | 35.0 | % | 34.4 | % | 35.3 | % | 35.2 | % | ||||||||
Preferred dividends (grossed up) | $ | 4.7 | $ | 4.6 | $ | 4.8 | $ | 4.8 | $ | 4.7 | $ | 4.8 | $ | 4.8 | ||||||||
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10-K Filing
Wisconsin Public Service (WSPBP) 10-K2005 FY Annual report
Filed: 28 Feb 06, 12:00am