EX-12.1 3 a2195857zex-12_1.htm EX-12.1

Exhibit 12.1

 

Oglethorpe Power Corporation

Computation of Ratio of Earnings to Fixed Charges,

Equity Ratio and Margins for Interest

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

Year ended December 31,

 

 

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(In thousands, except ratios)

 

Computation of Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

39,818

 

$

21,083

 

$

19,259

 

$

19,061

 

$

18,201

 

$

17,653

 

$

17,237

 

Less: income from equity investees

 

(14

)

14

 

(1,369

)

(1,418

)

(1,455

)

(1,385

)

(1,273

)

Adjusted net margin

 

39,804

 

21,097

 

17,890

 

17,643

 

16,746

 

16,268

 

15,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

176,198

 

163,747

 

218,042

 

214,256

 

207,363

 

206,445

 

207,860

 

Less: interest capitalized during period

 

(12,523

)

(8,382

)

(12,259

)

(6,962

)

(3,437

)

(1,681

)

(1,473

)

Amortization of deferred debt expense

 

13,698

 

11,488

 

15,418

 

15,727

 

15,584

 

15,782

 

16,666

 

Interest portion of rental expense

 

2,017

 

1,395

 

2,078

 

1,766

 

1,742

 

1,750

 

1,766

 

Earnings

 

$

219,194

 

$

189,345

 

$

241,169

 

$

242,430

 

$

237,998

 

$

238,564

 

$

240,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

176,198

 

163,747

 

218,042

 

214,256

 

207,363

 

206,445

 

207,860

 

Amortization of deferred debt expense

 

13,698

 

11,488

 

15,418

 

15,727

 

15,584

 

15,782

 

16,666

 

Interest portion of rental expense

 

2,017

 

1,395

 

2,078

 

1,766

 

1,742

 

1,750

 

1,766

 

Fixed Charges

 

$

191,913

 

$

176,630

 

$

235,538

 

$

231,749

 

$

224,689

 

$

223,977

 

$

226,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.14

 

1.07

 

1.02

 

1.05

 

1.06

 

1.07

 

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

$

575,647

 

 

 

$

535,829

 

$

516,570

 

$

497,509

 

$

479,308

 

$

461,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

$

4,574,743

 

 

 

$

4,157,623

 

$

4,137,518

 

$

4,044,587

 

$

3,885,838

 

$

4,003,148

 

Long-term debt and capital leases due within one year

 

116,766

 

 

 

110,647

 

143,400

 

234,621

 

217,743

 

190,835

 

 

 

$

4,691,509

 

 

 

$

4,268,270

 

$

4,280,918

 

$

4,279,208

 

$

4,103,581

 

$

4,193,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

12.3

%

 

 

12.6

%

12.1

%

11.6

%

11.7

%

11.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net margin

 

 

 

 

 

$

17,890

 

$

17,643

 

$

16,746

 

$

16,268

 

$

15,964

 

Interest for debt secured under indenture

 

 

 

 

 

178,893

 

176,424

 

167,455

 

162,678

 

159,639

 

 

 

 

 

 

 

$

196,783

 

$

194,067

 

$

184,201

 

$

178,946

 

$

175,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

 

 

 

 

1.10

 

1.10

 

1.10

 

1.10

 

1.10