EX-12.3 6 lnt1231201310-kex123.htm RATIO OF EARNINGS TO FIXED CHARGES FOR WPL
Exhibit 12.3
WISCONSIN POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES

| Year ended December 31,
| 2013 | 2012 | 2011 | 2010 | 2009
| (dollars in millions)
EARNINGS: |  |  |  |  |
Net income |  | $177.5 |  |  | $165.7 |  |  | $163.5 |  |  | $152.3 |  |  | $89.5 |
Income taxes (a) | 87.2 |  | 94.6 |  | 81.9 |  | 98.3 |  | 45.8 |
Income before income taxes | 264.7 |  | 260.3 |  | 245.4 |  | 250.6 |  | 135.3 |
Fixed charges as defined | 86.4 |  | 103.9 |  | 103.3 |  | 101.6 |  | 99.9 |
Adjustment for undistributed equity earnings | (8.3 | ) | (7.9 | ) | (6.4 | ) | (5.6 | ) | (7.1 | )
Total earnings as defined |  | $342.8 |  |  | $356.3 |  |  | $342.3 |  |  | $346.6 |  |  | $228.1 |
FIXED CHARGES: |  |  |  |  |
Interest expense |  | $85.0 |  |  | $80.2 |  |  | $79.9 |  |  | $78.6 |  |  | $74.8 |
Estimated interest component of rent expense | 1.4 |  | 23.7 |  | 23.4 |  | 23.0 |  | 25.1 |
Total fixed charges as defined |  | $86.4 |  |  | $103.9 |  |  | $103.3 |  |  | $101.6 |  |  | $99.9 |
Ratio of Earnings to Fixed Charges | 3.97 |  | 3.43 |  | 3.31 |  | 3.41 |  | 2.28 |

(a) Includes net interest related to unrecognized tax benefits.