EX-12 7 file006.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBITS 12.1 and 12.2 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)
NINE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, 2001 DECEMBER 31, 2000 ------------------------------------ ------------------------------------ Supplemental (a) Supplemental (a) -------------------------- -------------------------- As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ---------- -------- Income from continuing operations $144,989 $ - $144,989 $165,456 $ - $165,456 ------------------------------------ ------------------------------------ Add (Deduct): Total income taxes 104,360 - 104,360 110,461 - 110,461 Interest on long-term debt 46,471 1,406 47,877 61,120 1,599 62,719 Other interest charges 5,195 - 5,195 9,056 - 9,056 Preferred stock dividends of subsidiary trust 6,047 - 6,047 7,980 - 7,980 Interest on leases 104 - 104 154 - 154 ------------------------------------ ------------------------------------ 162,177 1,406 163,583 188,771 1,599 190,370 ------------------------------------ ------------------------------------ Earnings available for fixed charges 307,166 1,406 308,572 354,227 1,599 355,826 ------------------------------------ ------------------------------------ Fixed Charges: Interest on long-term debt 46,471 1,406 47,877 61,120 1,599 62,719 Other interest charges 5,195 - 5,195 9,056 - 9,056 Preferred stock dividends of subsidiary trust 6,047 - 6,047 7,980 - 7,980 Interest on leases 104 - 104 154 - 154 ------------------------------------ ------------------------------------ Total fixed charges 57,817 1,406 59,223 78,310 1,599 79,909 ------------------------------------ ------------------------------------ Ratio of earnings to fixed charges 5.31 - 5.21 4.52 - 4.45 ==================================== ==================================== Preferred stock dividends $ 3,483 $ - $ 3,483 $ 4,955 $ - $ 4,955 Ratio of net income before income taxes to net income 1.7198 - 1.7198 1.6676 - 1.6676 ------------------------------------ ------------------------------------ Preferred stock dividend requirements before income tax 5,990 - 5,990 8,263 - 8,263 ------------------------------------ ------------------------------------ Fixed charges plus preferred stock dividend requirements 63,807 1,406 65,213 86,573 1,599 88,172 ----------------------------------- ------------------------------------ Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 4.81 - 4.73 4.09 - 4.04 ==================================== ====================================
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 - 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, 1999 DECEMBER 31, 1998 ------------------------------------ ------------------------------------ Supplemental (a) Supplemental (a) -------------------------- -------------------------- As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ---------- -------- Income from continuing operations $127,331 $ - $127,331 $115,593 $ - $115,593 ------------------------------------ ------------------------------------ Add (Deduct): Total income taxes 88,453 - 88,453 76,042 - 76,042 Interest on long-term debt 65,649 2,509 68,158 70,193 2,931 73,124 Other interest charges 11,249 - 11,249 14,128 - 14,128 Preferred stock dividends of subsidiary trust 7,980 - 7,980 7,980 - 7,980 Interest on leases 176 - 176 212 - 212 ------------------------------------ ------------------------------------ 173,507 2,509 176,016 168,555 2,931 171,486 ------------------------------------ ------------------------------------ Earnings available for fixed charges 300,838 2,509 303,347 284,148 2,931 287,079 ------------------------------------ ------------------------------------ Fixed Charges: Interest on long-term debt 65,649 2,509 68,158 70,193 2,931 73,124 Other interest charges 11,249 - 11,249 14,128 - 14,128 Preferred stock dividends of subsidiary trust 7,980 - 7,980 7,980 - 7,980 Interest on leases 176 - 176 212 - 212 ------------------------------------ ------------------------------------ Total fixed charges 85,054 2,509 87,563 92,513 2,931 95,444 ------------------------------------ ------------------------------------ Ratio of earnings to fixed charges 3.54 - 3.46 3.07 - 3.01 ==================================== ==================================== Preferred stock dividends $ 4,955 $ - $ 4,955 $ 4,952 $ - $ 4,952 Ratio of net income before income taxes to net income 1.6947 - 1.6947 1.6578 - 1.6578 ------------------------------------ ------------------------------------ Preferred stock dividend requirements before income tax 8,397 - 8,397 8,209 - 8,209 ------------------------------------ ------------------------------------ Fixed charges plus preferred stock dividend requirements 93,451 2,509 95,960 100,722 2,931 103,653 ------------------------------------ ------------------------------------ Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 3.22 - 3.16 2.82 - 2.77 ==================================== ====================================
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 - 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, 1997 DECEMBER 31, 1996 ------------------------------------ ------------------------------------ Supplemental (a) Supplemental (a) -------------------------- -------------------------- As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ---------- -------- Income from continuing operations $125,941 $ - $125,941 $165,132 $ - $165,132 ------------------------------------ ------------------------------------ Add (Deduct): Total income taxes 76,317 - 76,317 112,927 - 112,927 Interest on long-term debt 78,120 3,760 81,880 79,434 3,615 83,049 Other interest charges 10,027 - 10,027 10,842 - 10,842 Preferred stock dividends of subsidiary trust 7,980 - 7,980 288 - 288 Interest on leases 268 - 268 375 - 375 ------------------------------------ ------------------------------------ 172,712 3,760 176,472 203,866 3,615 207,481 ------------------------------------ ------------------------------------ Earnings available for fixed charges 298,653 3,760 302,413 368,998 3,615 372,613 ------------------------------------ ------------------------------------ Fixed Charges: Interest on long-term debt 78,120 3,760 81,880 79,434 3,615 83,049 Other interest charges 10,027 - 10,027 10,842 - 10,842 Preferred stock dividends of subsidiary trust 7,980 - 7,980 288 - 288 Interest on leases 268 - 268 375 - 375 ------------------------------------ ------------------------------------ Total fixed charges 96,395 3,760 100,155 90,939 3,615 94,554 ------------------------------------ ------------------------------------ Ratio of earnings to fixed charges 3.10 - 3.02 4.06 - 3.94 ==================================== ==================================== Preferred stock dividends $ 6,488 $ - $ 6,488 $ 10,401 $ - $ 10,401 Ratio of net income before income taxes to net income 1.6060 - 1.6060 1.6839 - 1.6839 ------------------------------------ ------------------------------------ Preferred stock dividend requirements before income tax 10,420 - 10,420 17,514 - 17,514 ------------------------------------ ------------------------------------ Fixed charges plus preferred stock dividend requirements 106,815 3,760 110,575 108,453 3,615 112,068 ------------------------------------ ------------------------------------ Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 2.80 - 2.73 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 -