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
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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
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