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Content analysis
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8th grade Avg
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EXHIBIT 12
Madison Gas and Electric Company
Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, 2008
(In thousands)
Earnings | |
Net income before minority interest | $39,172 |
Equity earnings | (5,024) |
Income distribution from equity investees | 3,754 |
Minority interest in pretax income | (5,902) |
Amortization of capitalized interest | 77 |
Interest capitalized | (3,533) |
Federal and state income taxes | 21,587 |
Fixed charges | 17,094 |
Total Earnings as Defined | $67,225 |
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Fixed Charges | |
Interest expense on long-term debt and other | $12,078 |
Interest on rentals* | 753 |
Amortization of debt issuance costs | 417 |
AFUDC borrowed funds | 313 |
Capitalized interest | 3,533 |
Total Fixed Charges | $17,094 |
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Ratio of Earnings to Fixed Charges | 3.93x |
*Management believes that using one-third of the total rental expense
gives a reasonable approximation for actual interest on rentals.