EX-12.1 7 exh121.htm EXHIBIT 12.1 - MGEE Converted by EDGARwiz

Exhibit 12.1


MGE Energy, Inc.

Ratio of Earnings to Fixed Charges

Twelve Months Ended December 31, 2005

(In thousands)


Earnings

 

Net Income


$ 32,091

Equity earnings


(4,741)

Income distribution from equity investees


3,550

Federal and state income taxes


19,871

Interest capitalized


(907)

Fixed charges


15,417

Total Earnings as Defined


65,281

  

Fixed Charges

 

Interest expense on long-term debt and other


$12,955

Interest on rentals*


907

AFUDC borrowed funds


155

Capitalized interest


907

Amortization of debt issuance costs


493

Total Fixed Charges


15,417

  

Ratio of Earnings to Fixed Charges


4.23x



*Management believes that using one-third of the total rental expense

gives a reasonable approximation for actual interest on rentals.