EXHIBIT 12.1
MGE Energy, Inc.
Ratio of Earnings to Fixed Charges
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| Nine Months Ended |
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| September 30, |
| Twelve Months Ended December 31, | ||||||||||
(In thousands) |
| 2018 |
| 2017 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
Earnings |
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Net income | $ | 67,858 | $ | 61,472 | $ | 97,606 | $ | 75,560 | $ | 71,343 | $ | 80,319 | $ | 74,905 |
Equity earnings |
| (5,888) |
| (7,219) |
| (9,814) |
| (8,394) |
| (7,701) |
| (9,150) |
| (9,434) |
Income distribution from equity investees |
| 5,336 |
| 4,070 |
| 8,803 |
| 7,926 |
| 6,645 |
| 7,740 |
| 7,404 |
Federal and state income taxes |
| 21,792 |
| 35,487 |
| 22,094 |
| 42,513 |
| 41,363 |
| 48,185 |
| 44,859 |
Amortization of capitalized interest |
| 396 |
| 396 |
| 527 |
| 527 |
| 527 |
| 527 |
| 527 |
Fixed charges |
| 15,673 |
| 15,302 |
| 20,326 |
| 20,920 |
| 21,102 |
| 21,638 |
| 20,848 |
Total Earnings as Defined | $ | 105,167 | $ | 109,508 | $ | 139,542 | $ | 139,052 | $ | 133,279 | $ | 149,259 | $ | 139,109 |
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Fixed Charges |
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Interest expense on long-term debt and other | $ | 13,884 | $ | 13,853 | $ | 18,449 | $ | 18,963 | $ | 19,256 | $ | 18,975 | $ | 18,248 |
Interest on rentals* |
| 443 |
| 500 |
| 590 |
| 667 |
| 709 |
| 823 |
| 889 |
AFUDC - borrowed funds |
| 683 |
| 295 |
| 412 |
| 387 |
| 231 |
| 1,142 |
| 1,035 |
Amortization of debt issuance costs |
| 663 |
| 654 |
| 875 |
| 903 |
| 906 |
| 698 |
| 676 |
Total Fixed Charges | $ | 15,673 | $ | 15,302 | $ | 20,326 | $ | 20,920 | $ | 21,102 | $ | 21,638 | $ | 20,848 |
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Ratio of Earnings to Fixed Charges |
| 6.71X |
| 7.16X |
| 6.87X |
| 6.65X |
| 6.32X |
| 6.90X |
| 6.67X |
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*Management believes that using one-third of the total rental expense gives a reasonable approximation for actual | ||||||||||||||
interest on rentals. |
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