EX-12 8 ex12_1.htm EX 12.2 - KCP&L RATIO OF FIXED CHARGES
Exhibit 12.1
 
GREAT PLAINS ENERGY
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year to date
June 30
2004 2003 2002 2001 2000 1999

Income (loss) from continuing operations (thousands)
   before cumulative effect of changes                            
   in accounting principles   $ 70,948   $ 189,702   $ 136,702   $ (28,428 ) $ 53,014   $ 82,485  
Add:  
Equity investment (income) loss    613    2,018    1,173    (23,641 )  22,994    22,328  
Minority interests in subsidiaries    435    (1,263 )  -    (897 )  -    -  

     Income subtotal    71,996    190,457    137,875    (52,966 )  76,008    104,813  

Add:  
Taxes on income    32,112    78,565    51,348    (34,672 )  7,926    4,707  
Kansas City earnings tax    299    418    635    583    421    602  

     Total taxes on income    32,411    78,983    51,983    (34,089 )  8,347    5,309  

Interest on value of leased  
     property    3,209    5,944    7,093    10,679    11,806    8,577  
Interest on long-term debt    33,381    58,847    65,837    83,549    57,896    51,327  
Interest on short-term debt    2,716    5,442    6,312    9,915    11,050    3,178  
Mandatorily redeemable Preferred  
     Securities    -    9,338    12,450    12,450    12,450    12,450  
Other interest expense  
     and amortization    2,009    3,912    3,760    5,188    2,927    3,573  

     Total fixed charges    41,315    83,483    95,452    121,781    96,129    79,105  

Earnings before taxes on  
      income and fixed charges   $ 145,722   $ 352,923   $ 285,310   $ 34,726   $ 180,484   $ 189,227  

Ratio of earnings to fixed charges    3.53    4.23    2.99    (a)    1.88    2.39  

(a) An $87.1 million deficiency in earnings caused the ratio of earnings to fixed charges to be less than a one-to-one coverage. A $195.8 million net write-off before income taxes related to the bankruptcy filing of DTI was recorded in 2001.