EX-12 12 exhibit_12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exhibit_12.htm
Exhibit 12

ALLETE 2008 Form 10-K

ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)

For the Year Ended December 31
        2008
        2007
        2006
        2005
        2004
Millions Except Ratios
          
           
Income from Continuing Operations
          
Before Minority Interest and Income Taxes
$126.4
$137.2
$128.2
$19.8
$57.0
Less:  Minority Interest (a)
–
–
–
–
2.1
Undistributed Income from Less than 50 percent
          
Owned Equity Investment
3.8
3.3
2.3
–
–
 
122.6
133.9
125.9
19.8
54.9
Fixed Charges
          
Interest on Long-Term Debt
25.9
21.2
22.2
23.1
60.3
AFUDC - Debt
1.5
2.0
0.6
0.3
0.7
Other Interest Charges (b)
0.4
1.5
2.9
1.1
6.9
Interest Component of All Rentals (c)
2.5
1.9
2.0
2.8
3.5
Total Fixed Charges
30.3
26.6
27.7
27.3
71.4
Earnings Before Income Taxes and Fixed Charges
$152.9
$160.5
$153.6
$47.1
$126.3
Ratio of Earnings to Fixed Charges
5.05
6.03
5.55
1.73
1.77

(a)  
Pre-tax income of subsidiaries that have not incurred fixed charges.
(b)  
Includes interest expense relating to the adoption of FIN 48 – “Accounting for Uncertainty in Income Taxes.”
(c)  
Represents interest portion of rents estimated at 33 1/3 percent.