EXHIBIT 12
Madison Gas and Electric Company
Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, 2012
(In thousands)
Earnings  
Net income before minority interest  $54,180 
Equity earnings  (6,764) 
Income distribution from equity investees  5,300 
Minority interest in pretax income  (2,634) 
Amortization of capitalized interest  395 
Federal and state income taxes  32,828 
Fixed charges  16,028 
Total Earnings as Defined  $99,333 
 
Fixed Charges  
Interest expense on longterm debt and other  $14,332 
Interest on rentals*  809 
Amortization of debt issuance costs  489 
AFUDC  borrowed funds  398 
Total Fixed Charges  $16,028 


Ratio of Earnings to Fixed Charges  6.20X 
*Management believes that using onethird of the total rental expense
gives a reasonable approximation for actual interest on rentals.