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EXHIBIT 12.1
MGE Energy, Inc.
Ratio of Earnings to Fixed Charges
Twelve Months Ended December 31, 2015
(In thousands)
Earnings | |
Net income | $71,343 |
Equity earnings | (7,701) |
Income distribution from equity investees | 6,645 |
Federal and state income taxes | 41,363 |
Amortization of capitalized interest | 527 |
Fixed charges | 21,102 |
Total Earnings as Defined | $133,279 |
| |
Fixed Charges | |
Interest expense on long-term debt and other | $19,256 |
Interest on rentals* | 709 |
AFUDC - borrowed funds | 231 |
Amortization of debt issuance costs | 906 |
Total Fixed Charges | $21,102 |
|
|
Ratio of Earnings to Fixed Charges | 6.32X |
*Management believes that using one-third of the total rental expense
gives a reasonable approximation for actual interest on rentals.