EX-12.1 3 a2213635zex-12_1.htm EX-12.1

Exhibit 12.1

 

Oglethorpe Power Corporation

Computation of Ratio of Earnings to Fixed Charges,

Equity Ratio and Margins for Interest

 

 

 

Year ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

39,320

 

$

37,737

 

$

33,733

 

$

26,390

 

$

19,259

 

Less: income from equity investees

 

(1,576

)

(1,656

)

(1,657

)

(1,508

)

(1,369

)

Adjusted net margin

 

37,744

 

36,081

 

32,076

 

24,882

 

17,890

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

307,482

 

296,138

 

266,641

 

240,743

 

218,042

 

Less: interest capitalized during period

 

(83,892

)

(72,692

)

(41,593

)

(19,345

)

(12,259

)

Amortization of deferred debt expense

 

20,410

 

20,901

 

24,119

 

19,062

 

15,418

 

Interest portion of rental expense

 

2,649

 

2,658

 

2,683

 

2,671

 

2,078

 

Earnings

 

284,393

 

283,086

 

283,926

 

268,013

 

241,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

307,482

 

296,138

 

266,641

 

240,743

 

218,042

 

Amortization of deferred debt expense

 

20,410

 

20,901

 

24,119

 

19,062

 

15,418

 

Interest portion of rental expense

 

2,649

 

2,658

 

2,683

 

2,671

 

2,078

 

Fixed Charges

 

$

330,541

 

$

319,697

 

$

293,443

 

$

262,476

 

$

235,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

0.86

(1)

0.89

(2)

0.97

(3)

1.02

 

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

$

673,009

 

$

633,689

 

$

595,952

 

$

562,219

 

$

535,829

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

6,608,377

 

6,476,061

 

5,555,471

 

5,064,533

 

4,157,623

 

Long-term debt and capital leases due within one year

 

168,393

 

172,818

 

170,947

 

119,241

 

110,647

 

 

 

$

6,776,770

 

$

6,648,879

 

$

5,726,418

 

$

5,183,774

 

$

4,268,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

9.9

%

9.5

%

10.4

%

10.8

%

12.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

Adjusted net margin

 

$

37,744

 

$

36,081

 

$

32,076

 

$

24,882

 

$

17,890

 

Interest for debt secured under the first mortgage indenture

 

269,597

 

257,719

 

229,116

 

207,348

 

178,893

 

 

 

$

307,341

 

$

293,800

 

$

261,192

 

$

232,230

 

$

196,783

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

1.14

 

1.14

 

1.14

 

1.12

 

1.10

 

 

(1)           The dollar amount for the deficiency for the fiscal year ended December 31, 2012 is $46,148,000.

(2)           The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.

(3)           The dollar amount for the deficiency for the fiscal year ended December 31, 2010 is $9,517.000.