EXHIBIT 12.1
Madison Gas and Electric Company
Ratio of Earnings to Fixed Charges
Twelve Months Ended December 31, 2005 - 2009
(In thousands)
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| Nine Months Ended September 30, | |||
| 2005 | 2006 | 2007 | 2008 | 2009 |
| 2009 | 2010 | ||
Earnings |
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Net income before minority interest | $31,489 | $42,216 | $47,792 | $49,877 | $49,752 |
| $36,716 | $46,049 | ||
Equity earnings | (4,741) | (5,645) | (6,286) | (6,937) | (8,157) |
| (6,074) | (6,368) | ||
Income distribution from equity investees | 3,550 | 4,003 | 4,441 | 5,272 | 6,285 |
| 4,656 | 5,000 | ||
Minority interest in pre-tax income | - | (3,023) | (5,116) | (7,852) | (10,540) |
| (7,941) | (2,245) | ||
Amortization of capitalized interest | - | 102 | 102 | 102 | 102 |
| 77 | 231 | ||
Interest capitalized | (907) | (1,916) | (3,949) | (4,827) | (3,351) |
| (2,528) | (2,016) | ||
Federal and state income taxes | 19,418 | 25,785 | 27,085 | 27,126 | 27,311 |
| 19,795 | 27,990 | ||
Fixed charges | 15,499 | 19,032 | 21,102 | 23,719 | 23,480 |
| 17,547 | 17,021 | ||
Total Earnings as Defined | $64,308 | $80,554 | $85,171 | $86,480 | $84,882 |
| $62,248 | $85,662 | ||
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Fixed Charges |
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Interest expense on long-term debt and other | $13,037 | $15,240 | $14,788 | $16,276 | $15,834 |
| $11,849 | $11,632 | ||
Interest on rentals* | 907 | 1,046 | 1,004 | 1,715 | 3,554 |
| 2,613 | 2,792 | ||
Amortization of debt issuance costs | 493 | 595 | 543 | 545 | 547 |
| 411 | 494 | ||
AFUDC - borrowed funds | 155 | 235 | 818 | 356 | 194 |
| 146 | 87 | ||
Capitalized interest | 907 | 1,916 | 3,949 | 4,827 | 3,351 |
| 2,528 | 2,016 | ||
Total Fixed Charges | $15,499 | $19,032 | $21,102 | $23,719 | $23,480 |
| $17,547 | $17,021 | ||
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Ratio of Earnings to Fixed Charges | 4.15X | 4.23X | 4.04X | 3.65X | 3.62X |
| 3.55x | 5.03x | ||
