EX-12.A 5 c70287s3exv12wa.txt EX-12-A CALCULATION OF RATIOS OF EARNINGS EXHIBIT 12-A OTTER TAIL CORPORATION CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------------------------------------------------------ 1997 1998 (a) 1999 (b) 2000 ---- -------- -------- ---- EARNINGS: Pretax income from continuing operations $46,654,487 $45,841,129 $ 69,784,257 $59,397,298 Plus fixed charges (see below) 20,194,243 18,292,582 18,069,648 20,055,142 ----------- ----------- ------------ ----------- Total earnings 1 $66,848,730 $64,133,711 $ 87,853,905 $79,452,440 ----------- ----------- ------------ ----------- FIXED CHARGES Interest charges $18,098,702 $15,021,821 $ 14,712,507 $16,559,112 Amortization of debt expense, premium and discount 507,032 579,709 593,271 576,340 Estimated interest component of operating leases 1,588,509 2,691,052 2,763,870 2,919,690 ----------- ----------- ------------ ----------- Total fixed charges 2 $20,194,243 $18,292,582 $ 18,069,648 $20,055,142 ----------- ----------- ------------ ----------- RATIO OF EARNINGS TO FIXED CHARGES (1 Divided by 2) 3.31 3.51 4.86 3.96 =========== =========== ============ =========== Year Ended Three Months Ended December 31, March 31, ------------ ------------------------------- 2001 2001 2002 -------- ------- ------- EARNINGS: Pretax income from continuing operations $63,685,762 $18,653,809 $14,661,812 Plus fixed charges (see below) 19,671,799 4,967,115 5,378,464 ----------- ----------- ------------ Total earnings 1 $83,357,561 $23,620,924 $20,040,276 ----------- ----------- ------------ FIXED CHARGES Interest charges $15,801,291 $ 4,000,250 $ 4,325,030 Amortization of debt expense, premium and discount 568,533 141,371 184,837 Estimated interest component of operating leases 3,301,975 825,494 868,597 ----------- ----------- ------------ Total fixed charges 2 $19,671,799 $ 4,967,115 $ 5,378,464 ----------- ----------- ------------ RATIO OF EARNINGS TO FIXED CHARGES (1 Divided by 2) 4.24 4.76 3.73 =========== =========== ===========
(a) Pretax income from continuing operations excludes the cumulative effect of a change in accounting. (b) Pretax income from continuing operations includes a pre-tax gain of approximately $14.5 million from the sale of radio station assets.