EX-12.1 5 dex121.txt STMT RE: RATIO OF CONSOLIDATED EARNINGS Exhibit 12.1 Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges (Dollars in millions)
Three Months Ended Years Ended December 31, ------------------ --------------------------------------- March 31, 2001 2000 1999 1998 1997 1996 -------------- ------ ------ ------ ------ ------ Net earnings 606 $3,328 $1,557 $2,830 $1,901 $2,489 Income tax expense....................................... 339 2,018 852 1,457 898 1,197 Minority interest in earnings............................ 12 241 41 27 28 20 Earnings from investments in MidAmerican Energy ......... (47) (105) -- -- -- -- Fixed charges*........................................... 82 204 187 142 141 124 ------ ------ ------ ------ ------ ------ Earnings available for fixed charges....................... $ 992 $5,686 $2,637 $4,456 $2,968 $3,830 ====== ====== ====== ====== ====== ====== Realized investment gain, pretax, included in Earnings available for fixed charges..................... $ 242 $3,955 $1,365 $2,415 $1,106 $2,484 ====== ====== ====== ====== ====== ====== Fixed charges* Interest on indebtedness (including amortization of debt discount and expense........................... $ 60 $ 144 $ 134 $ 109 $ 112 $ 100 Rentals representing interest............................ 22 60 53 33 29 24 ------ ------ ------ ------ ------ ------ $ 82 $ 204 $ 187 $ 142 $ 141 $ 124 ------ ------ ------ ------ ------ ------ Ratio of earnings to fixed charges*........................ 12.10x 27.87x 14.10x 31.38x 21.05x 30.89x ====== ====== ====== ====== ====== ====== Ratio of earnings, excluding realized investment gain, to fixed charges*................................... 9.15x 8.49x 6.80x 14.37x 13.21X 10.85x ====== ===== ===== ====== ====== ======
__________ * Excludes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
Three Months Ended Years Ended December 31, ------------------ ------------------------ March 31, 2001 2000 1999 1998 1997 1996 -------------- ---- ---- ---- ---- ---- $ 149 $ 774 $ 586 $ 21 $ 20 $ 30
Including fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:
Three Months Ended Years Ended December 31, ------------------ ------------------------------------ March 31, 2001 2000 1999 1998 1997 1996 ------------------ ---- ---- ---- ---- ---- Including realized investment gain.................. 4.94x 6.61x 4.17x 27.47x 18.56x 25.06x Excluding realized investment gain.................. 3.89x 2.56x 2.40x 12.65x 11.69x 8.94x