EX-12.1 3 a2208219zex-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

 

 

 

Year ended December 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

(In thousands, except ratios)

 

Computation of Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

37,737

 

$

33,733

 

$

26,390

 

$

19,259

 

$

19,061

 

Less: income from equity investees

 

(1,656

)

(1,657

)

(1,508

)

(1,369

)

(1,418

)

Adjusted net margin

 

36,081

 

32,076

 

24,882

 

17,890

 

17,643

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

296,138

 

266,641

 

240,743

 

218,042

 

214,256

 

Less: interest capitalized during period

 

(72,692

)

(41,593

)

(19,345

)

(12,259

)

(6,962

)

Amortization of deferred debt expense

 

20,901

 

24,119

 

19,062

 

15,418

 

15,727

 

Interest portion of rental expense

 

2,658

 

2,683

 

2,671

 

2,078

 

1,766

 

Earnings

 

$

283,086

 

$

283,926

 

$

268,013

 

$

241,169

 

$

242,430

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

296,138

 

266,641

 

240,743

 

218,042

 

214,256

 

Amortization of deferred debt expense

 

20,901

 

24,119

 

19,062

 

15,418

 

15,727

 

Interest portion of rental expense

 

2,658

 

2,683

 

2,671

 

2,078

 

1,766

 

Fixed Charges

 

$

319,697

 

$

293,443

 

$

262,476

 

$

235,538

 

$

231,749

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

0.89

(1)

0.97

(2)

1.02

 

1.02

 

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

633,689

 

$

595,952

 

$

562,219

 

$

535,829

 

$

516,570

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

6,476,061

 

5,555,471

 

5,064,533

 

4,157,623

 

4,137,518

 

Long-term debt and capital leases due within one year

 

172,818

 

170,947

 

119,241

 

110,647

 

143,400

 

 

 

$

6,648,879

 

$

5,726,418

 

$

5,183,774

 

$

4,268,270

 

$

4,280,918

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

9.5

%

10.4

%

10.8

%

12.6

%

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

Adjusted net margin

 

$

36,081

 

$

32,076

 

$

24,882

 

$

17,890

 

$

17,643

 

Interest for debt secured under the first mortgage indenture

 

257,719

 

229,116

 

207,348

 

178,893

 

176,424

 

 

 

$

293,800

 

$

261,192

 

$

232,230

 

$

196,783

 

$

194,067

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

1.14

 

1.14

 

1.12

 

1.10

 

1.10

 

 

(1)           The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.

(2)           The dollar amount for the deficiency for the fiscal year ended December 31, 2010 is $9,517.000.