Exhibit 12.1
Oglethorpe Power Corporation
Computation of Ratio of Earnings to Fixed Charges,
Equity Ratio and Margins for Interest Ratio
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| Year ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Computation of Ratio of Earnings to Fixed Charges: |
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Net margin |
| $ | 48,341 |
| $ | 46,635 |
| $ | 41,480 |
| $ | 39,320 |
| $ | 37,737 |
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Less: income from equity investees |
| (1,618 | ) | (1,712 | ) | (1,675 | ) | (1,576 | ) | (1,656 | ) | |||||
Adjusted net margin |
| 46,723 |
| 44,923 |
| 39,805 |
| 37,744 |
| 36,081 |
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Interest expense |
| 354,269 |
| 344,561 |
| 313,491 |
| 307,482 |
| 296,138 |
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Less: interest capitalized during period |
| (108,667 | ) | (102,081 | ) | (95,886 | ) | (83,892 | ) | (72,692 | ) | |||||
Amortization of deferred debt expense |
| 15,545 |
| 16,653 |
| 15,872 |
| 20,410 |
| 20,901 |
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Interest portion of rental expense |
| 1,691 |
| 2,142 |
| 2,599 |
| 2,649 |
| 2,658 |
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Earnings |
| $ | 309,561 |
| $ | 306,198 |
| $ | 275,881 |
| $ | 284,393 |
| $ | 283,086 |
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Interest expense |
| $ | 354,269 |
| $ | 344,561 |
| $ | 313,491 |
| $ | 307,482 |
| $ | 296,138 |
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Amortization of deferred debt expense |
| 15,545 |
| 16,653 |
| 15,872 |
| 20,410 |
| 20,901 |
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Interest portion of rental expense |
| 1,691 |
| 2,142 |
| 2,599 |
| 2,649 |
| 2,658 |
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Fixed Charges |
| $ | 371,505 |
| $ | 363,356 |
| $ | 331,962 |
| $ | 330,541 |
| $ | 319,697 |
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Ratio of Earnings to Fixed Charges |
| 0.83 | (1) | 0.84 | (2) | 0.83 | (3) | 0.86 | (4) | 0.89 | (5) | |||||
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Computation of Equity Ratio: |
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Patronage capital |
| $ | 809,465 |
| $ | 761,124 |
| $ | 714,489 |
| $ | 673,009 |
| $ | 633,689 |
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Total capitalization |
| $ | 8,214,739 |
| $ | 7,894,059 |
| $ | 7,621,809 |
| $ | 6,554,593 |
| $ | 6,418,744 |
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Unamortized debt issuance costs and bond discounts |
| 97,988 |
| 101,939 |
| 49,862 |
| 57,016 |
| 59,196 |
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Long-term debt and capital leases due within one year |
| 189,840 |
| 160,754 |
| 152,153 |
| 168,393 |
| 172,818 |
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Total long-term debt and equities |
| $ | 8,502,567 |
| $ | 8,156,752 |
| $ | 7,823,824 |
| $ | 6,780,002 |
| $ | 6,650,758 |
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Equity Ratio |
| 9.5 | % | 9.3 | % | 9.1 | % | 9.9 | % | 9.5 | % | |||||
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Computation of Margins for Interest Ratio: |
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Adjusted net margin |
| $ | 46,723 |
| $ | 44,923 |
| $ | 39,805 |
| $ | 37,744 |
| $ | 36,081 |
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Interest for debt secured under the first mortgage indenture |
| 333,556 |
| 320,715 |
| 284,323 |
| 269,597 |
| 257,719 |
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| $ | 380,279 |
| $ | 365,638 |
| $ | 324,128 |
| $ | 307,341 |
| $ | 293,800 |
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Margins for Interest Ratio |
| 1.14 |
| 1.14 |
| 1.14 |
| 1.14 |
| 1.14 |
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(1) The dollar amount for the deficiency for the fiscal year ended December 31, 2015 is $61,944,000.
(2) �� The dollar amount for the deficiency for the fiscal year ended December 31, 2014 is $57,158,000.
(3) The dollar amount for the deficiency for the fiscal year ended December 31, 2013 is $56,081,000.
(4) The dollar amount for the deficiency for the fiscal year ended December 31, 2012 is $46,148,000.
(5) The dollar amount for the deficiency for the fiscal year ended December 31, 2011 is $36,611,000.