Exhibit 12.1
Old Dominion Electric Cooperative
Computation of Ratio of Earnings to Fixed Charges and Other Ratios
Six Months Ending Twelve Months Ending
June 30, December 31,
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2002 2001 2001 2000 1999 1998 1997
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Computation of Ratio of Earnings
to Fixed Charges:
Net margin ................................ 5,043 3,896 8,440 8,229 9,839 12,094 12,799
Interest .................................. 25,211 19,478 42,198 41,155 49,197 60,462 63,989
Less interest capitalized during period ... (4,996) (189) (968) (274) (311) (420) (392)
Amortization of lease obligation .......... 4,938 4,729 9,563 9,161 8,785 8,414 8,138
Interest portion of rental expense ........ 40 40 84 79 78 61 73
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Earnings ............................. 30,236 27,954 59,317 58,350 67,588 80,611 84,607
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Interest .................................. 25,211 19,478 42,198 41,155 49,197 60,462 63,989
Amortization of lease obligation .......... 4,938 4,729 9,563 9,161 8,785 8,414 8,138
Interest portion of rental expense ........ 40 40 84 79 78 61 73
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Fixed Charges ........................ 30,189 24,247 51,845 50,395 58,060 68,937 72,200
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Ratio of Earnings to Fixed Charges ........ 1.00 1.15 1.14 1.16 1.16 1.17 1.17
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Computation of Equity Ratio:
Patronage capital ......................... 230,580 220,994 225,538 224,598 216,369 206,530 197,552
Long-term debt ............................ 626,599 447,564 625,232 449,823 509,606 584,630 605,878
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857,179 668,558 850,770 674,421 725,975 791,160 803,430
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Equity Ratio .............................. 26.9% 33.1% 26.5% 33.3% 29.8% 26.1% 24.6%
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Computation of Margins for
Interest Ratio:
Net margin ................................ 5,043 3,896 8,440 8,229 9,839 12,094 12,799
Interest .................................. 25,041 19,106 41,473 40,553 48,718 59,770 63,364
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30,084 23,002 49,913 48,782 58,557 71,864 76,163
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Margins for Interest Ratio ................ 1.20 1.20 1.20 1.20 1.20 1.20 1.20
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