EX-12 2 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, 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.