Tri-State Generation & Transmission Association, Inc. - FORM 10-K - EX-12.1 - March 14, 2016

Attached files

file filename
EX-95 - EX-95 - Tri-State Generation & Transmission Association, Inc.tris-20151231xex95.htm
EX-32.1 - EX-32.1 - Tri-State Generation & Transmission Association, Inc.tris-20151231ex321ceebcc.htm
EX-21.1 - EX-21.1 - Tri-State Generation & Transmission Association, Inc.tris-20151231ex211a9430a.htm
EX-32.2 - EX-32.2 - Tri-State Generation & Transmission Association, Inc.tris-20151231ex322d463d4.htm
EX-31.2 - EX-31.2 - Tri-State Generation & Transmission Association, Inc.tris-20151231ex31276737b.htm
10-K - 10-K - Tri-State Generation & Transmission Association, Inc.tris-20151231x10k.htm
EX-31.1 - EX-31.1 - Tri-State Generation & Transmission Association, Inc.tris-20151231ex311eb5345.htm

Exhibit 12.1

Tri‑State Generation and Transmission Association, Inc.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2015

 

2014

 

2013

 

2012

 

2011

Computation of Ratio of Earnings to Fixed Charges

    

 

 

    

 

    

 

 

    

 

 

    

 

 

    

Net Margins

 

$
53,413

 

$
64,236

 

$
72,912

 

$
52,795

 

$
69,934

Less income from equity investees

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Adjusted net margin

 

$
53,413

 

$
64,236

 

$
72,912

 

$
52,795

 

$
69,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
154,746

 

$
155,546

 

$
161,754

 

 
166,636

 

 
168,425

Less: interest capitalized during period

 

 
(13,909)

 

 
(14,330)

 

 
(12,857)

 

 
(15,238)

 

 
(13,609)

Amortization of deferred debt expense

 

 
1,733

 

 
1,141

 

 
566

 

 
507

 

 
206

Interest portion of rental expense

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Earnings

 

$
195,983

 

$
206,593

 

$
222,375

 

$
204,700

 

$
224,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
154,746

 

$
155,546

 

$
161,754

 

$
166,636

 

$
168,425

Amortization of deferred debt expense

 

 
1,733

 

 
1,141

 

 
566

 

 
507

 

 
206

Interest portion of rental expense

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Fixed Charges

 

$
156,479

 

$
156,687

 

$
162,320

 

$
167,143

 

$
168,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 
1.25

 

 
1.32

 

 
1.37

 

 
1.22

 

 
1.33

 

Tri-State Generation & Transmission Association, Inc. Reports