EX-12.1 4 a15-1932_1ex12d1.htm EX-12.1

Exhibit 12.1

CMS ENERGY CORPORATION

Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends

|  |  |  |  |  | In Millions, Except Ratios |
Years Ended December 31 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |
Earnings as defined 1 |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 729 |  | $ | 756 |  | $ | 622 |  | $ | 606 |  | $ | 590 |
Exclude equity basis subsidiaries |  | (1 | ) | (2 | ) | (7 | ) | (1 | ) | (2 | )
Fixed charges as defined 2 |  | 432 |  | 423 |  | 414 |  | 437 |  | 449 |
Earnings as defined 2 |  | $ | 1,160 |  | $ | 1,177 |  | $ | 1,029 |  | $ | 1,042 |  | $ | 1,037 |
Fixed charges as defined 1 |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | $ | 393 |  | $ | 385 |  | $ | 372 |  | $ | 396 |  | $ | 394 |
Estimated interest portion of lease rental |  | 21 |  | 21 |  | 21 |  | 18 |  | 16 |
Other interest charges |  | 19 |  | 18 |  | 23 |  | 25 |  | 42 |
Fixed charges as defined 2 |  | 433 |  | 424 |  | 416 |  | 439 |  | 452 |
Preferred dividends |  | - |  | - |  | - |  | - |  | 13 |
Combined fixed charges and preferred dividends |  | $ | 433 |  | $ | 424 |  | $ | 416 |  | $ | 439 |  | $ | 465 |
Ratio of earnings to fixed charges |  | 2.68 |  | 2.78 |  | 2.47 |  | 2.37 |  | 2.29 |
Ratio of earnings to combined fixed charges and preferred dividends |  | 2.68 |  | 2.78 |  | 2.47 |  | 2.37 |  | 2.23 |

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.