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Capital leases

6 Months Ended

Jun. 30, 2012

(N): Capital leases. In 1985, we sold and subsequently leased back from four purchasers their 60% undivided ownership interest in Scherer Unit No. 2. On June 14, 2012, under the renewal provisions of the leases, we executed irrevocable notice of renewal to extend the leases beyond their base terms, for a period of 14.5 years, through December 31, 2027, for three of the leases and for a period of 18 years, through December 31, 2031, for one of the leases.

At June 30, 2012, we recorded the impact of the lease extensions which resulted in an increase in the capital asset and lease obligation for the Scherer 2 lease. The lease extensions did not have a material effect on our unaudited condensed financial statements. Leasehold improvements will be amortized over the extended lease terms.

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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