EX-12.1 9 file008.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES 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 STOCK DIVIDEND REQUIREMENTS (IN THOUSANDS) (UNAUDITED)
NINE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, 2002 DECEMBER 31, 2001 ------------------------------------- ------------------------------------ Supplemental (a) Supplemental (a) ------------------------- ------------------------ As As Adjustment Adjusted Adjustment Adjusted ---------- -------- ----------- ---------- Net Income $143,145 $ - $143,145 $152,778 $ - $152,778 ------------------------------------- ------------------------------------ Add (Deduct): Total income taxes 103,899 - 103,899 112,452 - 112,452 Interest on long-term debt 53,150 70 53,220 60,880 1,453 62,333 Other interest charges 2,594 - 2,594 8,401 - 8,401 Preferred stock dividends of subsidiary trust 1,574 - 1,574 7,980 - 7,980 Interest on leases 136 - 136 137 - 137 ------------------------------------- ------------------------------------ 161,353 70 161,423 189,850 1,453 191,303 ------------------------------------- ------------------------------------ Earnings available for fixed charges 304,498 70 304,568 342,628 1,453 344,081 ------------------------------------- ------------------------------------ Fixed Charges: Interest on long-term debt 53,150 70 53,220 60,880 1,453 62,333 Other interest charges 2,594 - 2,594 8,401 - 8,401 Preferred stock dividends of subsidiary trust 1,574 - 1,574 7,980 - 7,980 Interest on leases 136 - 136 137 - 137 ------------------------------------- ------------------------------------ Total fixed charges 57,454 70 57,524 77,398 1,453 78,851 ------------------------------------- ------------------------------------ Ratio of earnings to fixed charges 5.30 - 5.29 4.43 - 4.36 ===================================== ==================================== Preferred stock dividends $ 2,605 $ - $ 2,605 $ 4,544 $ - $ 4,544 Ratio of net income before income taxes to net income 1.7258 - 1.7258 1.7360 - 1.7360 ------------------------------------- ------------------------------------ Preferred stock dividend requirements before income tax 4,496 - 4,496 7,888 - 7,888 ------------------------------------- ------------------------------------ Fixed charges plus preferred stock dividend requirements 61,950 70 62,020 85,286 1,453 86,739 ------------------------------------- ------------------------------------ Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 4.92 - 4.91 4.02 - 3.97 ===================================== ==================================== TWELVE MONTHS ENDED DECEMBER 31, 2000 -------------------------------------- Supplemental (a) -------------------------- As Adjustment Adjusted ----------- ---------- Net Income $165,456 $ - $165,456 -------------------------------------- Add (Deduct): Total income taxes 110,461 - 110,461 Interest on long-term debt 61,120 1,599 62,719 Other interest charges 9,056 - 9,056 Preferred stock dividends of subsidiary trust 7,980 - 7,980 Interest on leases 154 - 154 -------------------------------------- 188,771 1,599 190,370 -------------------------------------- Earnings available for fixed charges 354,227 1,599 355,826 -------------------------------------- Fixed Charges: Interest on long-term debt 61,120 1,599 62,719 Other interest charges 9,056 - 9,056 Preferred stock dividends of subsidiary trust 7,980 - 7,980 Interest on leases 154 - 154 -------------------------------------- Total fixed charges 78,310 1,599 79,909 -------------------------------------- Ratio of earnings to fixed charges 4.52 - 4.45 ====================================== Preferred stock dividends $ 4,955 $ - $ 4,955 Ratio of net income before income taxes to net income 1.6676 - 1.6676 -------------------------------------- Preferred stock dividend requirements before income tax 8,263 - 8,263 -------------------------------------- Fixed charges plus preferred stock dividend requirements 86,573 1,599 88,172 -------------------------------------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 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. 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 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 ----------- ---------- ----------- ---------- Net Income $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 ===================================== ==================================== TWELVE MONTHS ENDED DECEMBER 31, 1997 -------------------------------------- Supplemental (a) -------------------------- As Adjustment Adjusted ----------- ---------- Net Income $125,941 $ - $125,941 -------------------------------------- Add (Deduct): Total income taxes 76,317 - 76,317 Interest on long-term debt 78,120 3,760 81,880 Other interest charges 10,027 - 10,027 Preferred stock dividends of subsidiary trust 7,980 - 7,980 Interest on leases 268 - 268 -------------------------------------- 172,712 3,760 176,472 -------------------------------------- Earnings available for fixed charges 298,653 3,760 302,413 -------------------------------------- Fixed Charges: Interest on long-term debt 78,120 3,760 81,880 Other interest charges 10,027 - 10,027 Preferred stock dividends of subsidiary trust 7,980 - 7,980 Interest on leases 268 - 268 -------------------------------------- Total fixed charges 96,395 3,760 100,155 -------------------------------------- Ratio of earnings to fixed charges 3.10 - 3.02 ====================================== Preferred stock dividends $ 6,488 $ - $ 6,488 Ratio of net income before income taxes to net income 1.6060 - 1.6060 -------------------------------------- Preferred stock dividend requirements before income tax 10,420 - 10,420 -------------------------------------- Fixed charges plus preferred stock dividend requirements 106,815 3,760 110,575 -------------------------------------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) 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.