EX-12.3 9 lnt1231201410-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,
| 2014 | 2013 | 2012 | 2011 | 2010
| (dollars in millions)
EARNINGS: |  |  |  |  |
Net income |  | $180.8 |  |  | $177.5 |  |  | $165.7 |  |  | $163.5 |  |  | $152.3 |
Income taxes (a) | 85.6 |  | 87.2 |  | 94.6 |  | 81.9 |  | 98.3 |
Income before income taxes | 266.4 |  | 264.7 |  | 260.3 |  | 245.4 |  | 250.6 |
Fixed charges as defined | 87.7 |  | 86.4 |  | 103.9 |  | 103.3 |  | 101.6 |
Adjustment for undistributed equity earnings | (6.4 | ) | (8.3 | ) | (7.9 | ) | (6.4 | ) | (5.6 | )
Total earnings as defined |  | $347.7 |  |  | $342.8 |  |  | $356.3 |  |  | $342.3 |  |  | $346.6 |
FIXED CHARGES: |  |  |  |  |
Interest expense |  | $86.4 |  |  | $85.0 |  |  | $80.2 |  |  | $79.9 |  |  | $78.6 |
Estimated interest component of rent expense | 1.3 |  | 1.4 |  | 23.7 |  | 23.4 |  | 23.0 |
Total fixed charges as defined |  | $87.7 |  |  | $86.4 |  |  | $103.9 |  |  | $103.3 |  |  | $101.6 |
Ratio of Earnings to Fixed Charges | 3.96 |  | 3.97 |  | 3.43 |  | 3.31 |  | 3.41 |

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