Exhibit 12
ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
For the Three Months Ended March 31, | For the Years Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||||
Earnings are defined: | |||||||||||||||||||||
Pretax Income Before Non-Controlling Interest | $55.7 | $166.8 | $162.2 | $133.3 | $135.0 | $129.2 | |||||||||||||||
Add: Fixed Charges | 18.7 | 71.9 | 62.5 | 56.7 | 51.2 | 47.6 | |||||||||||||||
Less: Undistributed Income from Less than | |||||||||||||||||||||
50 percent Owned Equity Investment | 2.9 | 1.8 | 2.6 | 4.1 | 3.8 | 3.8 | |||||||||||||||
Earnings as defined: | $71.5 | $236.9 | $222.1 | $185.9 | $182.4 | $173.0 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest on Long-Term Debt | $17.1 | $64.7 | $55.6 | $50.9 | $47.0 | $43.1 | |||||||||||||||
Other Interest Charges | 0.1 | 1.4 | 2.0 | 1.2 | 0.4 | 1.6 | |||||||||||||||
Interest Component of All Rentals (a) | 1.5 | 5.8 | 4.9 | 4.6 | 3.8 | 2.9 | |||||||||||||||
Total Fixed Charges | $18.7 | $71.9 | $62.5 | $56.7 | $51.2 | $47.6 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 3.82 | 3.29 | 3.55 | 3.28 | 3.56 | 3.63 |
(a) | Represents interest portion of rents estimated at 33 1/3 percent. |