EX-12 5 exhibit1212-31x2015.htm EXHIBIT 12
Exhibit 12
ALLETE
Computation of Ratios of Earnings to Fixed Charges (Unaudited)

Year Ended December 31 | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |
Millions |  |  |  |  |
Earnings as Defined |  |  |  |  |
| Pretax Income Before Non-Controlling Interest |  | $166.8 |  |  | $162.2 |  |  | $133.3 |  |  | $135.0 |  |  | $129.2 |
| Add: | Fixed Charges | 71.9 |  | 62.5 |  | 56.7 |  | 51.2 |  | 47.6 |
| Less: | Undistributed Income from Less than 50 percent Owned Equity Investment | 1.8 |  | 2.6 |  | 4.1 |  | 3.8 |  | 3.8 |
| Earnings as Defined |  | $236.9 |  |  | $222.1 |  |  | $185.9 |  |  | $182.4 |  |  | $173.0 |
Fixed Charges |  |  |  |  |
| Interest on Long-Term Debt |  | $64.7 |  |  | $55.6 |  |  | $50.9 |  |  | $47.0 |  |  | $43.1 |
| Other Interest Charges | 1.4 |  | 2.0 |  | 1.2 |  | 0.4 |  | 1.6 |
| Interest Component of All Rentals (a) | 5.8 |  | 4.9 |  | 4.6 |  | 3.8 |  | 2.9 |
| Total Fixed Charges |  | $71.9 |  |  | $62.5 |  |  | $56.7 |  |  | $51.2 |  |  | $47.6 |
Ratio of Earnings to Fixed Charges | 3.29 |  | 3.55 |  | 3.28 |  | 3.56 |  | 3.63 |

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