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Semco Energy Inc – ‘10-K405’ for 12/31/98 – EX-12

As of:  Friday, 3/26/99   ·   For:  12/31/98   ·   Accession #:  277158-99-10   ·   File #:  0-08503

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  As Of                Filer                Filing    For·On·As Docs:Size

 3/26/99  Semco Energy Inc                  10-K405    12/31/98   10:274K

Annual Report — [x] Reg. S-K Item 405   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K405     Form 10-K for Year Ended 12/31/98                     77    373K 
 2: EX-3        Exhibit 3.(Ii) - Bylaws                                8     33K 
 3: EX-10       Exhibit 10.14 - Executive Security Agreement          11     48K 
 4: EX-10       Exhibit 10.15 - Split Dollar Agreement                10     43K 
 5: EX-10       Exhibit 10.16 - Deferred Comp and Stock Purch Agr      6     22K 
 6: EX-12       Exhibit 12 - Ratio of Earnings to Fixed Charges        1     10K 
 7: EX-21       Exhibit 21 - List of Subsidiaries                      1      7K 
 8: EX-23       Exhibit 23 - Consent of Auditors                       1      6K 
 9: EX-24       Exhibit 24 - Power of Attorney                         2±    11K 
10: EX-27       Exhibit 27 - Financial Data Schedule                   1      8K 


EX-12   —   Exhibit 12 – Ratio of Earnings to Fixed Charges



Exhibit 12 [Enlarge/Download Table] SEMCO ENERGY, INC. Ratio of Earnings to Fixed Charges (Thousands of Dollars) ---------------------------------------------------- --------------------------------------------------- Year Ended Description 1998 1997<F3> 1996<F3> 1995 1994 ---------------------------------------------------- --------------------------------------------------- Earnings as Defined <F1> Net Income (Loss) $10,040 $15,425 $(12,762) $11,331 $ 9,992 Income taxes 7,011 8,469 (7,106) 6,151 4,560 Other items 672 (96) (96) (96) 1,882 Fixed charges as defined 15,085 16,690 14,588 14,402 14,092 ------- ------- -------- ------- ------- Earnings as defined $32,808 $40,488 $ (5,376) $31,788 $30,526 ======= ======= ======== ======= ======= Fixed charges as defined <F1> Interest on long-term debt $11,488 $ 9,389 $ 8,514 $ 8,546 $ 8,605 Amortization of debt expense 450 449 431 520 454 Other interest charges 2,873 6,611 5,399 5,062 4,759 Preferred securities dividends and distributions 274 274 274 274 274 ------- ------- -------- ------- ------- Fixed charges as defined $15,085 $16,723 $ 14,618 $14,402 $14,092 ======= ======= ======== ======= ======= Ratio of earnings to fixed charges 2.17 2.42 <F2> 2.21 2.17 ======= ======= ======== ======= ====== ------------------ <FN> Notes: <F1> Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K. <F2> For the year ended December 31, 1996, fixed charges exceeded earnings by $20.0 million. Earnings as defined include a $32.3 million non-cash pretax write-down of the NOARK investment. Excluding the NOARK write-down, the ratio of earnings to fixed charges would have been 1.84. <F3> Restated to account for a 1998 acquisition as a pooling of interests. Years prior to 1996 were not restated for the pooling of interest as the effects were deemed not material. </FN>

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K405’ Filing    Date    Other Filings
Filed on:3/26/99
For Period End:12/31/984,  5,  U-3A-2
12/31/9610-K405,  10-K405/A,  U-3A-2
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Filing Submission 0000277158-99-000010   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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