EX-12.1 8 a2060505zex-12_1.htm COMPUTATION OF RATIOS Prepared by MERRILL CORPORATION
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Exhibit 12.1

MADISON GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
   Year Ended December 31,
   Six Months Ended
(Thousands of dollars)
   1996
   1997
   1998
   1999
   2000
   6/30/00
   6/30/01
EARNINGS:                                          
  Income before interest expense   $ 17,318   $ 33,247   $ 33,085   $ 35,785   $ 41,484   $ 18,860   $ 22,168
  Add:                                          
  Income Tax Items     12,553     11,940     10,723     12,268     15,416     6,013     8,050
  Income Tax on Other Income     670     1,571     1,441     1,175     814     576     1,369
  Amortization of debt discount, premium and expense     288     288     288     317     322     152     175
  Interest component on rentals     277     896     912     918     905     473     465
  Allowance for funds used during construction - borrowed funds     21     15     66     155     176     97     108
   
 
 
 
 
 
 
  Total Earnings Before Interest and Taxes   $ 31,127   $ 47,957   $ 46,515   $ 50,618   $ 59,117   $ 26,171   $ 32,335
   
 
 
 
 
 
 
FIXED CHARGES:                                          
  Interest on long term debt   $ 9,815   $ 9,641   $ 10,234   $ 11,500   $ 12,622   $ 5,961   $ 6,535
  Other interest     1,097     1,098     687     694     1,683     508     721
  Amortization of debt discount, premium and expense     288     288     288     317     322     152     175
  Interest component of rentals     277     896     912     918     905     473     465
   
 
 
 
 
 
 
  Total Fixed Charges   $ 11,477   $ 11,923   $ 12,121   $ 13,429   $ 15,532   $ 7,094   $ 7,896
   
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES     2.71     4.02     3.84     3.77     3.81     3.69     4.09
   
 
 
 
 
 
 


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