EX-12.1 2 exhibit121earningstofixedc.htm EXHIBIT 12.1 EARNINGS TO FIXED CHARGES 2015 Exhibit


Exhibit 12.1

NorthWestern Corporation
Computation of Ratio of Consolidated Earning to Consolidated Fixed Charges
 
Year ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
(in thousands, except ratios)
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
181,246

 
$
110,414

 
$
108,284

 
$
116,495

 
$
102,621

Add: Fixed changes as below
97,806

 
82,793

 
74,280

 
68,878

 
68,852

Total
$
279,052

 
$
193,207

 
$
182,564

 
$
185,373

 
$
171,473

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest charges
$
92,153

 
$
77,802

 
$
70,486

 
$
65,062

 
$
66,859

Interest on rent expense
779

 
731

 
672

 
732

 
746

Capitalized interest and allowance for funds used during construction
4,874

 
4,260

 
3,122

 
3,084

 
1,247

Total
$
97,806

 
$
82,793

 
$
74,280

 
$
68,878

 
$
68,852

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.9

 
2.3

 
2.5

 
2.7

 
2.5