EX-12.A 3 c70287a1exv12wa.txt EX-12.A CALCULATION OF RATIO 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 2001 ----------- ----------- ----------- ----------- ----------- EARNINGS: Pretax income from continuing operations $46,654,487 $45,841,129 $69,784,257 $59,397,298 $63,685,762 Plus fixed charges (see below) 20,194,243 18,292,582 18,069,648 20,055,142 19,671,799 ----------- ----------- ----------- ----------- ----------- Total earnings 1 $66,848,730 $64,133,711 $87,853,905 $79,452,440 $83,357,561 ----------- ----------- ----------- ----------- ----------- FIXED CHARGES Interest charges $18,098,702 $15,021,821 $14,712,507 $16,559,112 $15,801,291 Amortization of debt expense, premium and discount 507,032 579,709 593,271 576,340 568,533 Estimated interest component of operating leases 1,588,509 2,691,052 2,763,870 2,919,690 3,301,975 ----------- ----------- ----------- ----------- ----------- Total fixed charges 2 $20,194,243 $18,292,582 $18,069,648 $20,055,142 $19,671,799 ----------- ----------- ----------- ----------- ----------- RATIO OF EARNINGS TO FIXED CHARGES (1) divided by (2) 3.31 3.51 4.86 3.96 4.24 =========== =========== =========== =========== =========== Six Months Ended June 30, ------------------------- 2001 2002 ----------- ----------- EARNINGS: Pretax income from continuing operations $31,162,829 $30,520,580 Plus fixed charges (see below) 9,961,090 10,832,488 ----------- ----------- Total earnings $41,123,919 $41,353,068 ----------- ----------- FIXED CHARGES Interest charges $ 8,034,601 $ 8,735,316 Amortization of debt expense, premium and discount 275,501 359,978 Estimated interest component of operating leases 1,650,988 1,737,194 ----------- ----------- Total fixed charges $ 9,961,090 $10,832,488 ----------- ----------- RATIO OF EARNINGS TO FIXED CHARGES (1) divided by (2) 4.13 3.82 =========== ===========
(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.