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