Attached files
| file | filename |
|---|---|
| EX-31.1 - EX-31.1 - OGLETHORPE POWER CORP | a2227903zex-31_1.htm |
| 10-K - 10-K - OGLETHORPE POWER CORP | a2227903z10-k.htm |
| 10-K - 10-K - OGLETHORPE POWER CORP | a2227903zf1_10-06.pdf |
| EX-10.14(B) - EX-10.14(B) - OGLETHORPE POWER CORP | a2227903zex-10_14b.htm |
| EX-10.15(B) - EX-10.15(B) - OGLETHORPE POWER CORP | a2227903zex-10_15b.htm |
| EX-10.16(B) - EX-10.16(B) - OGLETHORPE POWER CORP | a2227903zex-10_16b.htm |
| EX-10.17(B) - EX-10.17(B) - OGLETHORPE POWER CORP | a2227903zex-10_17b.htm |
| EX-10.18(B) - EX-10.18(B) - OGLETHORPE POWER CORP | a2227903zex-10_18b.htm |
| EX-23.1 - EX-23.1 - OGLETHORPE POWER CORP | a2227903zex-23_1.htm |
| EX-31.2 - EX-31.2 - OGLETHORPE POWER CORP | a2227903zex-31_2.htm |
| EX-32.1 - EX-32.1 - OGLETHORPE POWER CORP | a2227903zex-32_1.htm |
| EX-32.2 - EX-32.2 - OGLETHORPE POWER CORP | a2227903zex-32_2.htm |
Exhibit 12.1
Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges,
Equity Ratio and Margins for Interest Ratio
|
|
|
Year ended December 31, |
| |||||||||||||
|
|
|
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| |||||
|
Computation of Ratio of Earnings to Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net margin |
|
$ |
48,341 |
|
$ |
46,635 |
|
$ |
41,480 |
|
$ |
39,320 |
|
$ |
37,737 |
|
|
Less: income from equity investees |
|
(1,618 |
) |
(1,712 |
) |
(1,675 |
) |
(1,576 |
) |
(1,656 |
) | |||||
|
Adjusted net margin |
|
46,723 |
|
44,923 |
|
39,805 |
|
37,744 |
|
36,081 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense |
|
354,269 |
|
344,561 |
|
313,491 |
|
307,482 |
|
296,138 |
| |||||
|
Less: interest capitalized during period |
|
(108,667 |
) |
(102,081 |
) |
(95,886 |
) |
(83,892 |
) |
(72,692 |
) | |||||
|
Amortization of deferred debt expense |
|
15,545 |
|
16,653 |
|
15,872 |
|
20,410 |
|
20,901 |
| |||||
|
Interest portion of rental expense |
|
1,691 |
|
2,142 |
|
2,599 |
|
2,649 |
|
2,658 |
| |||||
|
Earnings |
|
$ |
309,561 |
|
$ |
306,198 |
|
$ |
275,881 |
|
$ |
284,393 |
|
$ |
283,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense |
|
$ |
354,269 |
|
$ |
344,561 |
|
$ |
313,491 |
|
$ |
307,482 |
|
$ |
296,138 |
|
|
Amortization of deferred debt expense |
|
15,545 |
|
16,653 |
|
15,872 |
|
20,410 |
|
20,901 |
| |||||
|
Interest portion of rental expense |
|
1,691 |
|
2,142 |
|
2,599 |
|
2,649 |
|
2,658 |
| |||||
|
Fixed Charges |
|
$ |
371,505 |
|
$ |
363,356 |
|
$ |
331,962 |
|
$ |
330,541 |
|
$ |
319,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio of Earnings to Fixed Charges |
|
0.83 |
(1) |
0.84 |
(2) |
0.83 |
(3) |
0.86 |
(4) |
0.89 |
(5) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Computation of Equity Ratio: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Patronage capital |
|
$ |
809,465 |
|
$ |
761,124 |
|
$ |
714,489 |
|
$ |
673,009 |
|
$ |
633,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total capitalization |
|
$ |
8,214,739 |
|
$ |
7,894,059 |
|
$ |
7,621,809 |
|
$ |
6,554,593 |
|
$ |
6,418,744 |
|
|
Unamortized debt issuance costs and bond discounts |
|
97,988 |
|
101,939 |
|
49,862 |
|
57,016 |
|
59,196 |
| |||||
|
Long-term debt and capital leases due within one year |
|
189,840 |
|
160,754 |
|
152,153 |
|
168,393 |
|
172,818 |
| |||||
|
Total long-term debt and equities |
|
$ |
8,502,567 |
|
$ |
8,156,752 |
|
$ |
7,823,824 |
|
$ |
6,780,002 |
|
$ |
6,650,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity Ratio |
|
9.5 |
% |
9.3 |
% |
9.1 |
% |
9.9 |
% |
9.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Computation of Margins for Interest Ratio: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Adjusted net margin |
|
$ |
46,723 |
|
$ |
44,923 |
|
$ |
39,805 |
|
$ |
37,744 |
|
$ |
36,081 |
|
|
Interest for debt secured under the first mortgage indenture |
|
333,556 |
|
320,715 |
|
284,323 |
|
269,597 |
|
257,719 |
| |||||
|
|
|
$ |
380,279 |
|
$ |
365,638 |
|
$ |
324,128 |
|
$ |
307,341 |
|
$ |
293,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Margins for Interest Ratio |
|
1.14 |
|
1.14 |
|
1.14 |
|
1.14 |
|
1.14 |
| |||||
(1) The dollar amount for the deficiency for the fiscal year ended December 31, 2015 is $61,944,000.
(2) The dollar amount for the deficiency for the fiscal year ended December 31, 2014 is $57,158,000.
(3) The dollar amount for the deficiency for the fiscal year ended December 31, 2013 is $56,081,000.
(4) The dollar amount for the deficiency for the fiscal year ended December 31, 2012 is $46,148,000.
(5) The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.