EX-12.1 2 llcmec123112exhibit121.htm EXHIBIT 12.1 LLC/MEC 12.31.12 Exhibit 12.1


EXHIBIT 12.1

MIDAMERICAN ENERGY COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED SECURITIES DIVIDEND REQUIREMENTS
(Dollars in millions)
 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
$
355

 
$
319

 
$
357

 
$
350

 
$
343

Add (deduct):
 
 
 
 
 
 
 
 
 
 
Income tax (benefit) expense
 
(99
)
 
(17
)
 
(49
)
 
(27
)
 
126

Total fixed charges
 
153

 
166

 
163

 
165

 
165

 
 
54

 
149

 
114

 
138

 
291

 
 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
 
$
409

 
$
468

 
$
471

 
$
488

 
$
634

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
142

 
$
157

 
$
155

 
$
155

 
$
154

Other interest expense
 
1

 
1

 
1

 
3

 
4

Estimated interest portion of rental expense
 
10

 
8

 
7

 
7

 
7

Total fixed charges
 
$
153

 
$
166

 
$
163

 
$
165

 
$
165

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.7

 
2.8

 
2.9

 
3.0

 
3.8

 
 
 
 
 
 
 
 
 
 
 
Fixed charges plus preferred securities dividend requirements:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
153

 
$
166

 
$
163

 
$
165

 
$
165

Preferred securities dividends(1)
 
1

 
1

 
—

 
1

 
1

Total fixed charges plus preferred securities dividend requirements
 
$
154

 
$
167

 
$
163

 
$
166

 
$
166

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges plus preferred securities dividend requirements
 
2.7

 
2.8

 
2.9

 
2.9

 
3.8


(1)    Represents actual preferred securities dividends grossed up for income taxes.