Exhibit 12.1
Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges,
Equity Ratio and Margins for Interest
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| Year ended December 31, |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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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 |
| $ | 37,737 |
| $ | 33,733 |
| $ | 26,390 |
| $ | 19,259 |
| $ | 19,061 |
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Less: income from equity investees |
| (1,656 | ) | (1,657 | ) | (1,508 | ) | (1,369 | ) | (1,418 | ) | |||||
Adjusted net margin |
| 36,081 |
| 32,076 |
| 24,882 |
| 17,890 |
| 17,643 |
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Interest expense |
| 296,138 |
| 266,641 |
| 240,743 |
| 218,042 |
| 214,256 |
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Less: interest capitalized during period |
| (72,692 | ) | (41,593 | ) | (19,345 | ) | (12,259 | ) | (6,962 | ) | |||||
Amortization of deferred debt expense |
| 20,901 |
| 24,119 |
| 19,062 |
| 15,418 |
| 15,727 |
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Interest portion of rental expense |
| 2,658 |
| 2,683 |
| 2,671 |
| 2,078 |
| 1,766 |
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Earnings |
| $ | 283,086 |
| $ | 283,926 |
| $ | 268,013 |
| $ | 241,169 |
| $ | 242,430 |
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Interest expense |
| 296,138 |
| 266,641 |
| 240,743 |
| 218,042 |
| 214,256 |
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Amortization of deferred debt expense |
| 20,901 |
| 24,119 |
| 19,062 |
| 15,418 |
| 15,727 |
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Interest portion of rental expense |
| 2,658 |
| 2,683 |
| 2,671 |
| 2,078 |
| 1,766 |
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Fixed Charges |
| $ | 319,697 |
| $ | 293,443 |
| $ | 262,476 |
| $ | 235,538 |
| $ | 231,749 |
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Ratio of Earnings to Fixed Charges |
| 0.89 | (1) | 0.97 | (2) | 1.02 |
| 1.02 |
| 1.05 |
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Computation of Equity Ratio: |
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Patronage capital |
| 633,689 |
| $ | 595,952 |
| $ | 562,219 |
| $ | 535,829 |
| $ | 516,570 |
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Total capitalization |
| 6,476,061 |
| 5,555,471 |
| 5,064,533 |
| 4,157,623 |
| 4,137,518 |
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Long-term debt and capital leases due within one year |
| 172,818 |
| 170,947 |
| 119,241 |
| 110,647 |
| 143,400 |
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| $ | 6,648,879 |
| $ | 5,726,418 |
| $ | 5,183,774 |
| $ | 4,268,270 |
| $ | 4,280,918 |
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Equity Ratio |
| 9.5 | % | 10.4 | % | 10.8 | % | 12.6 | % | 12.1 | % | |||||
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Computation of Margins for Interest Ratio: |
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Adjusted net margin |
| $ | 36,081 |
| $ | 32,076 |
| $ | 24,882 |
| $ | 17,890 |
| $ | 17,643 |
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Interest for debt secured under the first mortgage indenture |
| 257,719 |
| 229,116 |
| 207,348 |
| 178,893 |
| 176,424 |
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| $ | 293,800 |
| $ | 261,192 |
| $ | 232,230 |
| $ | 196,783 |
| $ | 194,067 |
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Margins for Interest Ratio |
| 1.14 |
| 1.14 |
| 1.12 |
| 1.10 |
| 1.10 |
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(1) The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.
(2) The dollar amount for the deficiency for the fiscal year ended December��31, 2010 is $9,517.000.