EX-12.1 8 a2231461zex-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 Ratio

 

 

 

Year ended December 31,

 

 

 

2016

 

2015

 

2014

 

2013

 

2012

 

Computation of Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

50,345

 

$

48,341

 

$

46,635

 

$

 41,480

 

$

39,320

 

Less: income from equity investees

 

(1,413

)

(1,618

)

(1,712

)

(1,675

)

(1,576

)

Adjusted net margin

 

48,932

 

46,723

 

44,923

 

39,805

 

37,744

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

366,892

 

354,269

 

344,561

 

313,491

 

307,482

 

Less: interest capitalized during period

 

(116,634

)

(108,667

)

(102,081

)

(95,886

)

(83,892

)

Amortization of deferred debt expense

 

11,964

 

15,545

 

16,653

 

15,872

 

20,410

 

Interest portion of rental expense

 

1,608

 

1,691

 

2,142

 

2,599

 

2,649

 

Earnings

 

312,762

 

309,561

 

306,198

 

275,881

 

284,393

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

366,892

 

354,269

 

344,561

 

313,491

 

307,482

 

Amortization of deferred debt expense

 

11,964

 

15,545

 

16,653

 

15,872

 

20,410

 

Interest portion of rental expense

 

1,608

 

1,691

 

2,142

 

2,599

 

2,649

 

Fixed Charges

 

$

380,464

 

$

371,505

 

$

363,356

 

$

331,962

 

$

330,541

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

0.82

(1)

0.83

(2)

0.84

(3)

0.83

(4)

0.86

(5)

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

$

859,810

 

$

809,465

 

$

761,124

 

$

714,489

 

$

673,009

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

$

8,863,137

 

$

8,214,739

 

$

7,894,059

 

$

7,621,809

 

$

6,554,593

 

Unamortized debt issuance costs and bond discounts

 

101,261

 

97,988

 

101,939

 

49,862

 

57,016

 

Long-term debt and capital leases due within one year

 

316,861

 

189,840

 

160,754

 

152,153

 

168,393

 

Total long-term debt and equities

 

$

9,281,629

 

$

8,502,567

 

$

8,156,752

 

$

7,823,824

 

$

6,780,002

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

9.3

%

9.5

%

9.3

%

9.1

%

9.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

Adjusted net margin

 

$

48,932

 

$

46,723

 

$

44,923

 

$

39,805

 

$

37,744

 

Interest for debt secured under the first mortgage indenture

 

349,227

 

333,556

 

320,715

 

284,323

 

269,597

 

 

 

$

398,159

 

$

380,279

 

$

365,638

 

$

324,128

 

$

307,341

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

1.14

 

1.14

 

1.14

 

1.14

 

1.14

 

 

(1)   The dollar amount for the deficiency for the fiscal year ended December 31, 2016 is $67,702,000.

(2)   The dollar amount for the deficiency for the fiscal year ended December 31, 2015 is $61,944,000.

(3)   The dollar amount for the deficiency for the fiscal year ended December 31, 2014 is $57,158,000.

(4)   The dollar amount for the deficiency for the fiscal year ended December 31, 2013 is $56,081,000.

(5)   The dollar amount for the deficiency for the fiscal year ended December 31, 2012 is $46,148,000.