Exhibit 12.1
OTTER TAIL CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Year Ended December 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Pretax income from continuing operations | $ | 81,912,596 | $ | 77,855,302 | $ | 81,928,914 | $ | 50,161,916 | $ | 21,425,878 | ||||||||||
Plus fixed charges (see below) | 24,615,267 | 26,458,342 | 32,389,334 | 36,082,847 | 36,304,519 | |||||||||||||||
Total earnings (1) | $ | 106,527,863 | $ | 104,313,644 | $ | 114,318,248 | $ | 86,244,763 | $ | 57,730,397 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest charges | $ | 17,637,279 | $ | 18,789,945 | $ | 22,384,136 | $ | 28,094,844 | $ | 27,622,443 | ||||||||||
Amortization of debt expense, premium and discount | 1,010,988 | 945,397 | 1,138,198 | 1,020,003 | 2,127,076 | |||||||||||||||
Estimated interest component of operating leases | 5,967,000 | 6,723,000 | 8,867,000 | 6,968,000 | 6,555,000 | |||||||||||||||
Total fixed charges (2) | $ | 24,615,267 | $ | 26,458,342 | $ | 32,389,334 | $ | 36,082,847 | $ | 36,304,519 | ||||||||||
Preferred Dividend Requirement | $ | 1,044,009 | $ | 1,043,125 | $ | 1,033,385 | $ | 981,547 | $ | 633,832 | ||||||||||
Total Fixed Charges and Preferred Dividend Requirement (3) | $ | 25,659,276 | $ | 27,501,467 | $ | 33,422,719 | $ | 37,064,394 | $ | 36,938,351 | ||||||||||
Ratio of Earnings to Fixed Charges (1) Divided by (2) | 4.33 | 3.94 | 3.53 | 2.39 | 1.59 | |||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends(1) Divided by (3) | 4.15 | 3.79 | 3.42 | 2.33 | 1.56 | |||||||||||||||