EX-12 2 0002.txt MEC - COMPUTATION OF RATIOS EXHIBIT 12 MIDAMERICAN ENERGY COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (In Thousands) (Unaudited)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, 2000 DECEMBER 31, 1999 --------------------------------- ---------------------------------- Supplemental (a) Supplemental (a) --------------------- ---------------------- As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ---------- -------- Income from continuing operations ..................... $ 165,456 $ -- $ 165,456 $ 127,331 $ -- $ 127,331 --------- --------- --------- --------- --------- --------- Add (Deduct): Total income taxes .................................... 110,461 -- 110,461 88,453 -- 88,453 Interest on long-term debt ............................ 61,120 1,599 62,719 65,649 2,509 68,158 Other interest charges ................................ 9,056 -- 9,056 11,249 -- 11,249 Preferred stock dividends of subsidiary trust ......... 7,980 -- 7,980 7,980 -- 7,980 Interest on leases .................................... 154 -- 154 176 -- 176 --------- --------- --------- --------- --------- --------- 188,771 1,599 190,370 173,507 2,509 176,016 --------- --------- --------- --------- --------- --------- Earnings available for fixed charges .............. 354,227 1,599 355,826 300,838 2,509 303,347 --------- --------- --------- --------- --------- --------- Fixed Charges: Interest on long-term debt ............................ 61,120 1,599 62,719 65,649 2,509 68,158 Other interest charges ................................ 9,056 -- 9,056 11,249 -- 11,249 Preferred stock dividends of subsidiary trust ......... 7,980 -- 7,980 7,980 -- 7,980 Interest on leases .................................... 154 -- 154 176 -- 176 --------- --------- --------- -------- --------- --------- Total fixed charges ............................... 78,310 1,599 79,909 85,054 2,509 87,563 --------- --------- --------- -------- --------- --------- Ratio of earnings to fixed charges .................... 4.52 -- 4.45 3.54 -- 3.46 ========= ========= ========= ========= ========= ========= Preferred stock dividends ............................. $ 4,955 $ -- $ 4,955 $ 4,955 $ -- $ 4,955 Ratio of net income before income taxes to net income . 1.6676 -- 1.6676 1.6947 -- 1.6947 --------- --------- --------- --------- --------- --------- Preferred stock dividend requirements before income tax ................................ 8,263 -- 8,263 8,397 -- 8,397 --------- --------- --------- --------- --------- --------- Fixed charges plus preferred stock dividend requirements ...................... 86,573 1,599 88,172 93,451 2,509 95,960 --------- --------- --------- --------- --------- --------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) ..... 4.09 -- 4.04 3.22 -- 3.16 ========= ========= ========= ========= ========= =========
Note:(a) Amounts in the supplemental columns are to reflect MidAmerican Energy's portion of the net interest component of payments to Nebraska Public Power District under a long-term purchase agreement for one-half of the plant capacity from Cooper Nuclear Station. -1- EXHIBIT 12 MIDAMERICAN ENERGY COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (In Thousands) (Unaudited)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, 1998 DECEMBER 31, 1997 --------------------------------- --------------------------------- Supplemental (a) Supplemental (a) --------------------- --------------------- As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ---------- -------- Income from continuing operations ..................... $ 115,593 $ -- $ 115,593 $ 125,941 $ -- $ 125,941 --------- --------- --------- --------- --------- --------- Add (Deduct): Total income taxes .................................... 76,042 -- 76,042 76,317 -- 76,317 Interest on long-term debt ............................ 70,193 2,931 73,124 78,120 3,760 81,880 Other interest charges ................................ 14,128 -- 14,128 10,027 -- 10,027 Preferred stock dividends of subsidiary trust ......... 7,980 -- 7,980 7,980 -- 7,980 Interest on leases .................................... 212 -- 212 268 -- 268 --------- --------- --------- --------- --------- --------- 168,555 2,931 171,486 172,712 3,760 176,472 --------- --------- --------- --------- --------- --------- Earnings available for fixed charges .............. 284,148 2,931 287,079 298,653 3,760 302,413 --------- --------- --------- --------- --------- --------- Fixed Charges: Interest on long-term debt ............................ 70,193 2,931 73,124 78,120 3,760 81,880 Other interest charges ................................ 14,128 -- 14,128 10,027 -- 10,027 Preferred stock dividends of subsidiary trust ......... 7,980 -- 7,980 7,980 -- 7,980 Interest on leases .................................... 212 -- 212 268 -- 268 --------- --------- --------- --------- --------- --------- Total fixed charges ............................... 92,513 2,931 95,444 96,395 3,760 100,155 --------- --------- --------- --------- --------- --------- Ratio of earnings to fixed charges .................... 3.07 -- 3.01 3.10 -- 3.02 ========= ========= ========= ========= ========= ========= Preferred stock dividends ............................. $ 4,952 $ -- $ 4,952 $ 6,488 $ -- $ 6,488 Ratio of net income before income taxes to net income . 1.6578 -- 1.6578 1.6060 -- 1.6060 --------- --------- --------- --------- --------- --------- Preferred stock dividend requirements before income tax .................................. 8,209 -- 8,209 10,420 -- 10,420 --------- --------- --------- --------- --------- --------- Fixed charges plus preferred stock dividend requirements ........................ 100,722 2,931 103,653 106,815 3,760 110,575 --------- --------- --------- --------- --------- --------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) ..... 2.82 -- 2.77 2.80 -- 2.73 ========= ========= ========= ========= ========= =========
Note:(a) Amounts in the supplemental columns are to reflect MidAmerican Energy's portion of the net interest component of payments to Nebraska Public Power District under a long-term purchase agreement for one-half of the plant capacity from Cooper Nuclear Station. -2- EXHIBIT 12 MIDAMERICAN ENERGY COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (In Thousands) (Unaudited)
TWELVE MONTHS ENDED DECEMBER 31,1996 --------------------------------- Supplemental (a) --------------------- As Adjustment Adjusted Income from continuing operations ..................... $ 165,132 $ -- $ 165,132 --------- --------- --------- Add (Deduct): Total income taxes .................................... 112,927 -- 112,927 Interest on long-term debt ............................ 79,434 3,615 83,049 Other interest charges ................................ 10,842 -- 10,842 Preferred stock dividends of subsidiary trust ......... 288 -- 288 Interest on leases .................................... 375 -- 375 --------- --------- --------- 203,866 3,615 207,481 --------- --------- --------- Earnings available for fixed charges .............. 368,998 3,615 372,613 --------- --------- --------- Fixed Charges: Interest on long-term debt ............................ 79,434 3,615 83,049 Other interest charges ................................ 10,842 -- 10,842 Preferred stock dividends of subsidiary trust ......... 288 -- 288 Interest on leases .................................... 375 -- 375 --------- --------- --------- Total fixed charges ............................... 90,939 3,615 94,554 --------- --------- --------- Ratio of earnings to fixed charges .................... 4.06 -- 3.94 ========= ========= ========= Preferred stock dividends ............................. $ 10,401 $ -- $ 10,401 Ratio of net income before income taxes to net income . 1.6839 -- 1.6839 --------- --------- --------- Preferred stock dividend requirements before income tax .................................. 17,514 -- 17,514 --------- --------- --------- Fixed charges plus preferred stock dividend requirements ........................ 108,453 3,615 112,068 --------- --------- --------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) ..... 3.40 -- 3.32 ========= ========= =========
Note:(a) Amounts in the supplemental columns are to reflect MidAmerican Energy's portion of the net interest component of payments to Nebraska Public Power District under a long-term purchase agreement for one-half of the plant capacity from Cooper Nuclear Station. -3-