Exhibit 12.1
Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges,
Equity Ratio and Margins for Interest
(Unaudited)
| | Nine Months Ended
September 30, | | Year ended December 31, | |
| | 2009 | | 2008 | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| | (In thousands, except ratios) | |
Computation of Ratio of Earnings to Fixed Charges: | | | | | | | | | | | | | | | |
Net margin | | $ | 39,818 | | $ | 21,083 | | $ | 19,259 | | $ | 19,061 | | $ | 18,201 | | $ | 17,653 | | $ | 17,237 | |
Less: income from equity investees | | (14 | ) | 14 | | (1,369 | ) | (1,418 | ) | (1,455 | ) | (1,385 | ) | (1,273 | ) |
Adjusted net margin | | 39,804 | | 21,097 | | 17,890 | | 17,643 | | 16,746 | | 16,268 | | 15,964 | |
| | | | | | | | | | | | | | | |
Interest expense | | 176,198 | | 163,747 | | 218,042 | | 214,256 | | 207,363 | | 206,445 | | 207,860 | |
Less: interest capitalized during period | | (12,523 | ) | (8,382 | ) | (12,259 | ) | (6,962 | ) | (3,437 | ) | (1,681 | ) | (1,473 | ) |
Amortization of deferred debt expense | | 13,698 | | 11,488 | | 15,418 | | 15,727 | | 15,584 | | 15,782 | | 16,666 | |
Interest portion of rental expense | | 2,017 | | 1,395 | | 2,078 | | 1,766 | | 1,742 | | 1,750 | | 1,766 | |
Earnings | | $ | 219,194 | | $ | 189,345 | | $ | 241,169 | | $ | 242,430 | | $ | 237,998 | | $ | 238,564 | | $ | 240,783 | |
| | | | | | | | | | | | | | | |
Interest expense | | 176,198 | | 163,747 | | 218,042 | | 214,256 | | 207,363 | | 206,445 | | 207,860 | |
Amortization of deferred debt expense | | 13,698 | | 11,488 | | 15,418 | | 15,727 | | 15,584 | | 15,782 | | 16,666 | |
Interest portion of rental expense | | 2,017 | | 1,395 | | 2,078 | | 1,766 | | 1,742 | | 1,750 | | 1,766 | |
Fixed Charges | | $ | 191,913 | | $ | 176,630 | | $ | 235,538 | | $ | 231,749 | | $ | 224,689 | | $ | 223,977 | | $ | 226,292 | |
| | | | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | | 1.14 | | 1.07 | | 1.02 | | 1.05 | | 1.06 | | 1.07 | | 1.06 | |
| | | | | | | | | | | | | | | |
Computation of Equity Ratio: | | | | | | | | | | | | | | | |
Patronage capital | | $ | 575,647 | | | | $ | 535,829 | | $ | 516,570 | | $ | 497,509 | | $ | 479,308 | | $ | 461,655 | |
| | | | | | | | | | | | | | | |
Total capitalization | | $ | 4,574,743 | | | | $ | 4,157,623 | | $ | 4,137,518 | | $ | 4,044,587 | | $ | 3,885,838 | | $ | 4,003,148 | |
Long-term debt and capital leases due within one year | | 116,766 | | | | 110,647 | | 143,400 | | 234,621 | | 217,743 | | 190,835 | |
| | $ | 4,691,509 | | | | $ | 4,268,270 | | $ | 4,280,918 | | $ | 4,279,208 | | $ | 4,103,581 | | $ | 4,193,983 | |
| | | | | | | | | | | | | | | |
Equity Ratio | | 12.3 | % | | | 12.6 | % | 12.1 | % | 11.6 | % | 11.7 | % | 11.0 | % |
| | | | | | | | | | | | | | | |
Computation of Margins for Interest Ratio: | | | | | | | | | | | | | | | |
Adjusted net margin | | | | | | $ | 17,890 | | $ | 17,643 | | $ | 16,746 | | $ | 16,268 | | $ | 15,964 | |
Interest for debt secured under indenture | | | | | | 178,893 | | 176,424 | | 167,455 | | 162,678 | | 159,639 | |
| | | | | | $ | 196,783 | | $ | 194,067 | | $ | 184,201 | | $ | 178,946 | | $ | 175,603 | |
| | | | | | | | | | | | | | | |
Margins for Interest Ratio | | | | | | 1.10 | | 1.10 | | 1.10 | | 1.10 | | 1.10 | |
