If you're getting that kind of voltage out of the generator, it's almost certainly OK. The real question is the regulator. When the voltage gets high, the regulator switches a resistor in series with the field coil, which reduces the voltage, but then that might be too low, so it switches the resistor out, and so on, back and forth. The cycle repeats with, ideally, the average voltage being 13-14 V.
Now, if you measure this with a digital voltmeter, the VM is sampling the voltage a few times per second, and the regulator is switching a few times per second, so the meter will more or less randomly indicate a high or low voltage. If this is what you're seeing, it's pretty much what I'd expect.
The real test is to measure the voltage at the battery. If it stays above about 12.5V (under normal conditions, I mean--might be a little lower if the electrical load is large and engine is slow) and never gets to be more than 14.5, you should be OK. If you start seeing values like 15V or more for longer than a second or two, you have a regulator problem.