Madison Gas and Electric Company Consolidated Statements of Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Operating Revenues:
Regulated electric revenues	$ 118,914	$ 114,963	$ 305,189	$ 291,804
Regulated gas revenues	16,587	17,249	92,235	119,748
Nonregulated revenues	2,337	1,360	6,894	3,884
Total Operating Revenues	137,838	133,572	404,318	415,436
Operating Expenses:
Fuel for electric generation	16,395	16,656	36,727	39,304
Purchased power	18,102	18,024	54,962	49,997
Cost of gas sold	7,389	8,171	50,035	72,170
Other operations and maintenance	41,975	39,744	126,202	119,814
Depreciation and amortization	9,706	10,296	29,042	30,669
Other general taxes	4,383	4,347	13,937	13,053
Income tax provision	14,253	12,495	32,711	30,718
Total Operating Expenses	97,950	97,238	310,905	325,007
Operating Income	39,888	36,334	93,413	90,429
Other Income and Deductions:
Equity in earnings in ATC			6,764	6,434
Total Other Income and Deductions	2,856	2,341	7,975	6,880
Interest Expense:
Net Interest Expense	4,849	5,142	14,717	15,047
Net Income (Loss)	23,642	21,038	53,960	51,544
MGE [Member]
Operating Revenues:
Regulated electric revenues	118,914	114,963	305,189	291,804
Regulated gas revenues	16,587	17,249	92,235	119,748
Nonregulated revenues	2,337	1,360	6,894	3,884
Total Operating Revenues	137,838	133,572	404,318	415,436
Operating Expenses:
Fuel for electric generation	16,395	16,656	36,727	39,304
Purchased power	18,102	18,024	54,962	49,997
Cost of gas sold	7,389	8,171	50,035	72,170
Other operations and maintenance	41,766	39,558	125,320	119,162
Depreciation and amortization	9,706	10,296	29,042	30,669
Other general taxes	4,384	4,347	13,938	13,053
Income tax provision	13,669	11,525	30,273	28,082
Total Operating Expenses	111,411	108,577	340,297	352,437
Operating Income	26,427	24,995	64,021	62,999
Other Income and Deductions:
AFUDC - equity funds	514	101	978	304
Equity in earnings in ATC	2,280	2,167	6,764	6,434
Income tax provision	(587)	(933)	(2,555)	(2,689)
Other income, net	(77)	(56)	(207)	(217)
Total Other Income and Deductions	2,130	1,279	4,980	3,832
Income before interest expense	28,557	26,274	69,001	66,831
Interest Expense:
Interest on long-term debt	5,065	5,214	15,335	15,428
Other interest, net	25	8	(116)	(244)
AFUDC - borrowed funds	(209)	(40)	(398)	(123)
Net Interest Expense	4,881	5,182	14,821	15,061
Net Income Including Noncontrolling Interest	23,676	21,092	54,180	51,770
Less Net Income Attributable to Noncontrolling Interest, net of tax	(6,153)	(6,010)	(18,305)	(17,935)
Net Income (Loss)	$ 17,523	$ 15,082	$ 35,875	$ 33,835

MADISON GAS & ELECTRIC CO 10-Q