EX-12 7 exhibit1212-31x2014.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12
ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)

Year Ended December 31, | 2014 | 2013 | 2012 | 2011 | 2010
Millions |  |  |  |  |
Earnings are defined: |  |  |  |  |
| Pretax Income Before Non-Controlling Interest |  | $162.2 |  |  | $133.3 |  |  | $135.0 |  |  | $129.2 |  |  | $119.1 |
| Add: Fixed Charges | 62.5 |  | 56.7 |  | 51.2 |  | 47.6 |  | 43.4 |
| Less: Non-Controlling Interest (a) | 0.7 |  | — |  | — |  | — |  | — |
| Undistributed Income from Less than 50 percent Owned Equity Investment | 2.6 |  | 4.1 |  | 3.8 |  | 3.8 |  | 3.4 |
| Earnings as defined: |  | $221.4 |  |  | $185.9 |  |  | $182.4 |  |  | $173.0 |  |  | $159.1 |
Fixed Charges: |  |  |  |  |
| Interest on Long-Term Debt |  | $55.6 |  |  | $50.9 |  |  | $47.0 |  |  | $43.1 |  |  | $39.7 |
| Other Interest Charges | 2.0 |  | 1.2 |  | 0.4 |  | 1.6 |  | 1.0 |
| Interest Component of All Rentals (b) | 4.9 |  | 4.6 |  | 3.8 |  | 2.9 |  | 2.7 |
| Total Fixed Charges |  | $62.5 |  |  | $56.7 |  |  | $51.2 |  |  | $47.6 |  |  | $43.4 |
Ratio of Earnings to Fixed Charges | 3.54 |  | 3.28 |  | 3.56 |  | 3.63 |  | 3.67 |

(a) | Pretax income of subsidiaries that have not incurred fixed charges.

(b) | Represents interest portion of rents estimated at 33 1/3 percent.