EX-12.1 6 a2238163zex-12_1.htm EX-12.1

Exhibit 12.1

 

Oglethorpe Power Corporation

Computation of Equity Ratio and

Margins for Interest Ratio

 

 

 

Year ended December 31,

 

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Equity Ratio:

 

 

 

 

 

 

 

 

 

 

 

Patronage capital

 

$

962,286

 

$

911,087

 

$

859,810

 

$

809,465

 

$

761,124

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capitalization

 

$

9,792,592

 

$

8,945,892

 

$

8,863,137

 

$

8,214,739

 

$

7,894,059

 

Unamortized debt issuance costs and bond discounts

 

103,331

 

95,613

 

101,261

 

97,988

 

101,939

 

Long-term debt and capital leases due within one year

 

522,289

 

216,694

 

316,861

 

189,840

 

160,754

 

Total long-term debt and equities

 

$

10,418,212

 

$

9,258,199

 

$

9,281,259

 

$

8,502,567

 

$

8,156,752

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Ratio

 

9.2

%

9.8

%

9.3

%

9.5

%

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Margins for Interest Ratio:

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

$

51,199

 

$

51,277

 

$

50,345

 

$

48,341

 

$

46,635

 

Less: income from equity investees

 

(1,547

)

(1,404

)

(1,413

)

(1,618

)

(1,712

)

Adjusted net margin

 

49,652

 

$

49,873

 

$

48,932

 

$

46,723

 

$

44,923

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest for debt secured under the first mortgage indenture

 

354,313

 

355,915

 

349,227

 

333,556

 

320,715

 

 

 

$

403,965

 

$

405,788

 

$

398,159

 

$

380,279

 

$

365,638

 

 

 

 

 

 

 

 

 

 

 

 

 

Margins for Interest Ratio

 

1.14

 

1.14

 

1.14

 

1.14

 

1.14