EX-12.1 4 a2212663zex-12_1.htm EX-12.1
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Exhibit 12.1

CMS ENERGY CORPORATION
Ratio of Earnings to Fixed Charges and Combined Fixed Charges
and Preferred Dividends

In Millions, Except Ratios |
Years Ended December 31 |  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008 |
Earnings as defined1 |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ 622 |  | $ 606 |  | $ 590 |  | $ 335 |  | $ 440 |
Exclude equity basis subsidiaries |  | (7 | ) | (1 | ) | (2 | ) | 2 |  | (1 | )
Fixed charges as defined2 |  | 414 |  | 437 |  | 449 |  | 456 |  | 429 |
Earnings as defined2 |  | $ 1,029 |  | $ 1,042 |  | $ 1,037 |  | $ 793 |  | $ 868 |
Fixed charges as defined1 |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | $ 372 |  | $ 396 |  | $ 394 |  | $ 383 |  | $ 371 |
Estimated interest portion of lease rental |  | 21 |  | 18 |  | 16 |  | 17 |  | 25 |
Other interest charges |  | 23 |  | 25 |  | 42 |  | 58 |  | 35 |
Fixed charges as defined2 |  | 416 |  | 439 |  | 452 |  | 458 |  | 431 |
Preferred dividends |  | – |  | – |  | 13 |  | 17 |  | 17 |
Combined fixed charges and preferred dividends |  | $ 416 |  | $ 439 |  | $ 465 |  | $ 475 |  | $ 448 |
Ratio of earnings to fixed charges |  | 2.47 |  | 2.37 |  | 2.29 |  | 1.73 |  | 2.01 |
Ratio of earnings to combined fixed charges and preferred dividends |  | 2.47 |  | 2.37 |  | 2.23 |  | 1.67 |  | 1.94 |

NOTES:

1
  Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
2
  Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.

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CMS ENERGY CORPORATION Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends