Attached files
| file | filename |
|---|---|
| 10-K - 10-K - OGLETHORPE POWER CORP | a2223681z10-k.htm |
| 10-K - 10-K - OGLETHORPE POWER CORP | a2223681zf1_10-07.pdf |
| EX-10.13 - EX-10.13 - OGLETHORPE POWER CORP | a2223681zex-10_13.htm |
| EX-23.1 - EX-23.1 - OGLETHORPE POWER CORP | a2223681zex-23_1.htm |
| EX-31.1 - EX-31.1 - OGLETHORPE POWER CORP | a2223681zex-31_1.htm |
| EX-31.2 - EX-31.2 - OGLETHORPE POWER CORP | a2223681zex-31_2.htm |
| EX-32.1 - EX-32.1 - OGLETHORPE POWER CORP | a2223681zex-32_1.htm |
| EX-32.2 - EX-32.2 - OGLETHORPE POWER CORP | a2223681zex-32_2.htm |
| EXCEL - IDEA: XBRL DOCUMENT - OGLETHORPE POWER CORP | Financial_Report.xls |
Exhibit 12.1
Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges,
Equity Ratio and Margins for Interest Ratio
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Year ended December 31, |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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Computation of Ratio of Earnings to Fixed Charges: |
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|
|
|
|
|
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|
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Net margin |
|
$ |
46,635 |
|
$ |
41,480 |
|
$ |
39,320 |
|
$ |
37,737 |
|
$ |
33,733 |
|
|
Less: income from equity investees |
|
(1,712 |
) |
(1,675 |
) |
(1,576 |
) |
(1,656 |
) |
(1,657 |
) | |||||
|
Adjusted net margin |
|
44,923 |
|
39,805 |
|
37,744 |
|
36,081 |
|
32,076 |
| |||||
|
|
|
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|
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Interest expense |
|
344,561 |
|
313,491 |
|
307,482 |
|
296,138 |
|
266,641 |
| |||||
|
Less: interest capitalized during period |
|
(102,081 |
) |
(95,886 |
) |
(83,892 |
) |
(72,692 |
) |
(41,593 |
) | |||||
|
Amortization of deferred debt expense |
|
16,653 |
|
15,872 |
|
20,410 |
|
20,901 |
|
24,119 |
| |||||
|
Interest portion of rental expense |
|
2,142 |
|
2,599 |
|
2,649 |
|
2,658 |
|
2,683 |
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Earnings |
|
$ |
306,198 |
|
$ |
275,881 |
|
$ |
284,393 |
|
$ |
283,086 |
|
$ |
283,926 |
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|
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|
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| |||||
|
Interest expense |
|
$ |
344,561 |
|
$ |
313,491 |
|
$ |
307,482 |
|
$ |
296,138 |
|
$ |
266,641 |
|
|
Amortization of deferred debt expense |
|
16,653 |
|
15,872 |
|
20,410 |
|
20,901 |
|
24,119 |
| |||||
|
Interest portion of rental expense |
|
2,142 |
|
2,599 |
|
2,649 |
|
2,658 |
|
2,683 |
| |||||
|
Fixed Charges |
|
$ |
363,356 |
|
$ |
331,962 |
|
$ |
330,541 |
|
$ |
319,697 |
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$ |
293,443 |
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|
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Ratio of Earnings to Fixed Charges |
|
0.84 |
(1) |
0.83 |
(2) |
0.86 |
(3) |
0.89 |
(4) |
0.97 |
(5) | |||||
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Computation of Equity Ratio: |
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Patronage capital |
|
$ |
761,124 |
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$ |
714,489 |
|
$ |
673,009 |
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$ |
633,689 |
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$ |
595,952 |
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Total capitalization |
|
$ |
7,991,482 |
|
$ |
7,668,568 |
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$ |
6,608,377 |
|
$ |
6,476,061 |
|
$ |
5,555,471 |
|
|
Long-term debt and capital leases due within one year |
|
160,754 |
|
152,153 |
|
168,393 |
|
172,818 |
|
170,947 |
| |||||
|
|
|
$ |
8,152,236 |
|
$ |
7,820,721 |
|
$ |
6,776,770 |
|
$ |
6,648,879 |
|
$ |
5,726,418 |
|
|
|
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|
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|
|
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|
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|
Equity Ratio |
|
9.3 |
% |
9.1 |
% |
9.9 |
% |
9.5 |
% |
10.4 |
% | |||||
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Computation of Margins for Interest Ratio: |
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| |||||
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Adjusted net margin |
|
$ |
46,635 |
|
$ |
39,805 |
|
$ |
37,744 |
|
$ |
36,081 |
|
$ |
32,076 |
|
|
Interest for debt secured under the first mortgage indenture |
|
320,715 |
|
284,323 |
|
269,597 |
|
257,719 |
|
229,116 |
| |||||
|
|
|
$ |
367,350 |
|
$ |
324,128 |
|
$ |
307,341 |
|
$ |
293,800 |
|
$ |
261,192 |
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|
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Margins for Interest Ratio |
|
1.14 |
|
1.14 |
|
1.14 |
|
1.14 |
|
1.14 |
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(1) The dollar amount for the deficiency for the fiscal year ended December 31, 2014 is $57,158,000.
(2) The dollar amount for the deficiency for the fiscal year ended December 31, 2013 is $56,081,000.
(3) The dollar amount for the deficiency for the fiscal year ended December 31, 2012 is $46,148,000.
(4) The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.
(5) The dollar amount for the deficiency for the fiscal year ended December 31, 2010 is $9,517.000.