EX-12.1 10 a2219203zex-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 Ratio

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

Computation of Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

41,480

 

$

39,320

 

$

37,737

 

$

33,733

 

$

26,390

 

Less: income from equity investees

 

(1,675

)

(1,576

)

(1,656

)

(1,657

)

(1,508

)

Adjusted net margin

 

39,805

 

37,744

 

36,081

 

32,076

 

24,882

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

313,491

 

307,482

 

296,138

 

266,641

 

240,743

 

Less: interest capitalized during period

 

(95,886

)

(83,892

)

(72,692

)

(41,593

)

(19,345

)

Amortization of deferred debt expense

 

15,872

 

20,410

 

20,901

 

24,119

 

19,062

 

Interest portion of rental expense

 

2,599

 

2,649

 

2,658

 

2,683

 

2,671

 

Earnings

 

$

275,881

 

$

284,393

 

$

283,086

 

$

283,926

 

$

268,013

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

313,491

 

307,482

 

296,138

 

266,641

 

240,743

 

Amortization of deferred debt expense

 

15,872

 

20,410

 

20,901

 

24,119

 

19,062

 

Interest portion of rental expense

 

2,599

 

2,649

 

2,658

 

2,683

 

2,671

 

Fixed Charges

 

$

331,962

 

$

330,541

 

$

319,697

 

$

293,443

 

$

262,476

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

0.83

(1)

0.86

(2)

0.89

(3)

0.97

(4)

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

$

714,489

 

$

673,009

 

$

633,689

 

$

595,952

 

$

562,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

$

7,668,568

 

$

6,608,377

 

$

6,476,061

 

$

5,555,471

 

$

5,064,533

 

Long-term debt and capital leases due within one year

 

152,153

 

168,393

 

172,818

 

170,947

 

119,241

 

 

 

$

7,820,721

 

$

6,776,770

 

$

6,648,879

 

$

5,726,418

 

$

5,183,774

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

9.1

%

9.9

%

9.5

%

10.4

%

10.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

Adjusted net margin

 

$

39,805

 

$

37,744

 

$

36,081

 

$

32,076

 

$

24,882

 

Interest for debt secured under the first mortgage indenture

 

284,323

 

269,597

 

257,719

 

229,116

 

207,348

 

 

 

$

324,128

 

$

307,341

 

$

293,800

 

$

261,192

 

$

232,230

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

1.14

 

1.14

 

1.14

 

1.14

 

1.12

 

 

(1)           The dollar amount for the deficiency for the fiscal year ended December 31, 2013 is $56,081,000.

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

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

(4)           The dollar amount for the deficiency for the fiscal year ended December 31, 2010 is $9,517,000.