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EXHIBIT 12
Madison Gas and Electric Company
Ratio of Earnings to Fixed Charges
Six Months Ended June 30, 2014
(In thousands)
Earnings | |
Net income before minority interest | $41,786 |
Equity earnings | (4,883) |
Income distribution from equity investees | 3,835 |
Minority interest in pretax income | (2,189) |
Amortization of capitalized interest | 264 |
Federal and state income taxes | 25,248 |
Fixed charges | 10,942 |
Total Earnings as Defined | $75,003 |
| |
Fixed Charges | |
Interest expense on long-term debt and other | $9,140 |
Interest on rentals* | 445 |
Amortization of debt issuance costs | 351 |
AFUDC - borrowed funds | 1,006 |
Total Fixed Charges | $10,942 |
|
|
Ratio of Earnings to Fixed Charges | 6.85X |
*Management believes that using one-third of the total rental expense
gives a reasonable approximation for actual interest on rentals.