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EXHIBIT 12
Madison Gas and Electric Company
Ratio of Earnings to Fixed Charges
Three Months Ended March 31, 2015
(In thousands)
Earnings | |
Net income before minority interest | $18,311 |
Equity earnings | (1,881) |
Income distribution from equity investees | 1,420 |
Minority interest in pretax income | (876) |
Amortization of capitalized interest | 132 |
Federal and state income taxes | 10,584 |
Fixed charges | 5,389 |
Total Earnings as Defined | $33,079 |
| |
Fixed Charges | |
Interest expense on long-term debt and other | $4,913 |
Interest on rentals* | 206 |
Amortization of debt issuance costs | 228 |
AFUDC - borrowed funds | 42 |
Total Fixed Charges | $5,389 |
|
|
Ratio of Earnings to Fixed Charges | 6.14X |
*Management believes that using one-third of the total rental expense
gives a reasonable approximation for actual interest on rentals.