RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997 - FORM 10-K - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 29, 2010

Attached files

file filename
10-K - DECEMBER 2009, KEPCO FORM 10-K - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997dec2009kepco_10k.htm
EX-99 - OTHER SELECT FINANCIAL INFORMATION JPMC - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhibit99.htm
EX-31.1 - CERTIFICATION PURSUANT TO SECTION 302 - PETERSEN - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhbit31_1.htm
EX-32.1 - CERTIFICATION PURSUANT TO SECTION 906 - PETERSEN - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhbit32_1.htm
EX-32.2 - CERTIFICATION PURSUANT TO SECTION 906 - LILLY - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhbit32_2.htm
EX-31.2 - CERTIFICATION PURSUANT TO SECTION 302 - LILLY - RURAL ELECTRIC COOPERATIVE GRANTOR TRUST KEPCO SERIES 1997exhbit31_2.htm
EXHIBIT 12

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (KEPCO) SERIES 1997
Computation of Ratio of Earnings to Fixed Charges
 

   
Year Ended December 31,
  
   
2009
    
2008
      
2007
      
2006
      
2005
  
                                     
Net income (loss)
$
3,354,453
  
$
(3,174,818
)
  
$
(582,686
)
  
$
1,778,458
    
$
2,778,964
  
     Add: Fixed charges
  
692,179
    
1,580,794
      
2,299,941
      
2,310,806
      
1,577,432
  
                                     
Income (loss) available for fixed
$
4,046,632
  
$
(1,594,024
)
  
$
1,717,255
    
$
4,089,264
    
$
4,356,399
  
     charges
                                    
                                     
Fixed charges:
                                    
     Interest on all debt
$
692,179
  
$
1,580,794
    
$
2,299,941
    
$
2,310,806
    
$
1,577,435
  
                                     
Total fixed charges
$
692,179
  
$
1,580,794
    
$
2,299,941
    
$
2,310,806
    
$
1,577,435
  
                                     
Ratio of income (loss) to
                                    
     fixed charges
  
5.85
    
-
      
-
      
1.77
      
2.76
  
                                     
                                     
Deficiency
$
-
  
$
(3,174,818
)
    
(582,686
)
    
-
      
-
  
                                     

 
For the years ended December 31, 2008 and 2007, earnings were insufficient to cover fixed charges by $3.2 million and $0.6 million, respectively.