| Exhibit 12 
 

 

 

 

 

 

 

WPS Resources Corporation 
Ratio of Earnings to Fixed Charges and 
Ratio of Earnings to Fixed Charges and Preferred      Dividends       
(Millions)
2001
2000
1999
1998
1997
1996
EARNINGS      
Income available to common shareholders
$ 77.6
$ 67.0
$ 59.6
$ 46.6
$ 55.8
$ 52.9
Federal and state income taxes
  4.8
  6.0
 29.7
 23.4
 31.1
 27.2      
Net pretax income
82.4
73.0
89.3
70.0
86.9
80.1      
Fixed charges
68.3
63.7
45.5
36.3
37.6
35.7      
Subtract preferred dividend requirement
  4.5
  4.6
  4.7
  4.6
  4.8
  4.6      
Total earnings as defined
$146.2
$132.1
$130.1
$101.7
$119.7
$111.2      
FIXED CHARGES      
Interest on long-term debt, including related      amortization
$ 45.6
$ 41.7
$ 27.2
$ 24.0
$ 26.3
$ 25.5
Other interest
12.2
11.9
8.5
4.8
4.9
3.9
Distributions - preferred securities of subsidiary trust
3.5
3.5
3.5
1.5
0.0
0.0
Interest factor applicable to rentals
  2.5
  2.0
  1.6
  1.4
  1.6
  1.7      
Fixed charges before preferred dividend requirement
$ 63.8
$ 59.1
$ 40.8
$ 31.7
$ 32.8
$ 31.1      
Ratio of earnings to fixed charges
2.3
2.2
3.2
3.2
3.6
3.6      
Preferred dividends (grossed up) (see below)
$  4.5
$  4.6
$  4.7
$  4.6
$  4.8
$  4.6      
Total fixed charges including preferred dividend
$ 68.3
$ 63.7
$ 45.5
$ 36.3
$ 37.6
$ 35.7      
Ratio of earnings to fixed charges and preferred      dividends
2.1
2.1
2.9
2.8
3.2
3.1      
PREFERRED DIVIDEND CALCULATION:            
Preferred dividends
$3.1
$3.1
$3.1
$3.1
$3.1
$3.1      
Tax rate *
31.7%
32.0%
33.8%
33.1%
34.8%
33.0%      
Preferred dividends (grossed up)
$4.5
$4.6
$4.7
$4.6
$4.8
$4.6       
* The tax rate has been adjusted to exclude the impact of      tax credits.  |
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