EX-12 4 ex12_1.htm EXHIBIT 12.1: MGEE RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

MGE Energy, Inc.

Ratio of Earnings to Fixed Charges

Twelve Months Ended December 31, 2013

(In thousands)

Earnings |
Net income | $74,905
Equity earnings | (9,434)
Income distribution from equity investees | 7,404
Federal and state income taxes | 44,859
Amortization of capitalized interest | 527
Fixed charges | 20,848
Total Earnings as Defined | $139,109
Fixed Charges |
Interest expense on long-term debt and other | $18,248
Interest on rentals* | 889
AFUDC - borrowed funds | 1,035
Amortization of debt issuance costs | 676
Total Fixed Charges | $20,848
Ratio of Earnings to Fixed Charges | 6.67X

*Management believes that using one-third of the total rental expense

gives a reasonable approximation for actual interest on rentals.