Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - Otter Tail Corp | t1600062_10k.htm |
| EX-24.A - EXHIBIT 24.A - Otter Tail Corp | t1600062_ex24-a.htm |
| EX-31.2 - EXHIBIT 31.2 - Otter Tail Corp | t1600062_ex31-2.htm |
| EX-23.A - EXHIBIT 23.A - Otter Tail Corp | t1600062_ex23-a.htm |
| EX-21.A - EXHIBIT 21.A - Otter Tail Corp | t1600062_ex21-a.htm |
| EX-32.2 - EXHIBIT 32.2 - Otter Tail Corp | t1600062_ex32-2.htm |
| EX-32.1 - EXHIBIT 32.1 - Otter Tail Corp | t1600062_ex32-1.htm |
| EX-10.R6 - EXHIBIT 10.R6 - Otter Tail Corp | t1600062_ex10-r6.htm |
| EX-31.1 - EXHIBIT 31.1 - Otter Tail Corp | t1600062_ex31-1.htm |
Exhibit 12.1
OTTER TAIL CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Pretax income from continuing operations | $ | 41,773,754 | $ | 66,313,503 | $ | 71,363,651 | $ | 73,440,180 | $ | 80,231,110 | ||||||||||
| Plus fixed charges (see below) | 38,291,760 | 34,618,369 | 30,219,768 | 32,091,737 | 33,742,169 | |||||||||||||||
| Total earnings (1) | $ | 80,065,514 | $ | 100,931,872 | $ | 101,583,419 | $ | 105,531,917 | $ | 113,973,279 | ||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest charges | $ | 34,020,348 | $ | 31,057,367 | $ | 26,820,365 | $ | 29,241,350 | $ | 30,817,357 | ||||||||||
| Amortization of debt expense, premium and discount | 2,233,412 | 1,501,002 | 1,155,403 | 1,095,387 | 1,065,812 | |||||||||||||||
| Estimated interest component of operating leases | 2,038,000 | 2,060,000 | 2,244,000 | 1,755,000 | 1,859,000 | |||||||||||||||
| Total fixed charges (2) | $ | 38,291,760 | $ | 34,618,369 | $ | 30,219,768 | $ | 32,091,737 | $ | 33,742,169 | ||||||||||
| Preferred Dividend Requirement* | $ | 1,138,375 | $ | 2,101,550 | $ | 650,239 | $ | - | $ | - | ||||||||||
| Total Fixed Charges and Preferred Dividend Requirement (3) | $ | 39,430,135 | $ | 36,719,919 | $ | 30,870,007 | $ | 32,091,737 | $ | 33,742,169 | ||||||||||
Ratio of Earnings to Fixed Charges (1) Divided by (2) | 2.09 | 2.92 | 3.36 | 3.29 | 3.38 | |||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (1) Divided by (3) | 2.03 | 2.75 | 3.29 | 3.29 | 3.38 | |||||||||||||||
* All outstanding cumulative preferred shares were redeemed on March 1, 2013 for $15.7 million, including $0.2 million in call premiums charged to equity and included as preferred dividends paid and as part of our preferred dividend requirement for the year ended December 31, 2013.