|  |  |  |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|--|--|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  |  |  |  | Exhibit 12.1
      WPS Resources Corporation      Ratio of Earnings to Fixed Charges
(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. |