Empire District Electric (EDE) 10-K 2014 FY Annual report

EXHIBIT (12)

Computation of Ratios of Earnings to Fixed Charges

Year ended December 31,

	2014		2013		2012		2011			2010
Income before provision for income taxes and fixed charges (Note A)	$	158,919,435	$	152,117,322	$	137,251,581	$	136,980,092		$	125,706,453
Fixed Charges:
Interest on long-term debt	$	40,636,896	$	40,354,153	$	40,192,347	$	42,580,987		$	41,958,541
Interest on short-term debt	113,333		59,504		187,132		86,406			630,913
Interest on trust preferred securities	—		—		—		—			2,089,583
Other interest	989,627		1,064,869		1,087,719		(1,147,472		)	(2,332,530		)
Rental expense representative of an interest factor (Note B)	10,855,975		9,700,747		5,944,675		6,190,709			5,430,863
TOTAL FIXED CHARGES	$	52,595,831	$	51,179,273	$	47,411,873	$	47,710,630		$	47,777,370
Ratio of earnings to fixed charges	3.02		2.97		2.89		2.87			2.63

NOTE A:  For the purpose of determining earnings in the calculation of the ratio, net income has been increased by the provision for income taxes, non-operating income taxes and by the sum of fixed charges as shown above.

NOTE B:  One-third of rental expense (which approximates the interest factor).