EX-12 2 exh-12.htm COMPUTATION OF RATIOS OF EARNINGS MidAmerican Energy and MidAmerican Funding LLC 10-Q

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)
 
   
 
Nine Months
                     
 
Ended
 
Twelve Months Ended December 31, 
 
 
Sept. 30, 2005 
 
2004
 
2003
 
2002
 
2001
 
2000
 
 
                                   
Net income from continuing operations
$
170,931
 
$
210,455
 
$
188,597
 
$
175,821
 
$
152,778
 
$
165,456
 
                                     
Add (Deduct):
                                   
Total income taxes
 
83,684
   
102,155
   
131,261
   
120,230
   
112,452
   
110,461
 
Interest on long-term debt
 
58,086
   
71,949
   
72,207
   
71,401
   
60,880
   
61,120
 
Other interest charges
 
5,959
   
5,728
   
3,813
   
3,412
   
8,401
   
9,056
 
Preferred stock dividends of subsidiary
                                   
 trust
 
-
   
-
   
-
   
1,574
   
7,980
   
7,980
 
Interest on leases
 
104
   
155
   
108
   
201
   
137
   
154
 
   
147,833
   
179,987
   
207,389
   
196,818
   
189,850
   
188,771
 
                                     
Earnings available for fixed charges
 
318,764
   
390,442
   
395,986
   
372,639
   
342,628
   
354,227
 
                                     
Fixed Charges:
                                   
Interest on long-term debt
 
58,086
   
71,949
   
72,207
   
71,401
   
60,880
   
61,120
 
Other interest charges
 
5,959
   
5,728
   
3,813
   
3,412
   
8,401
   
9,056
 
Preferred stock dividends of subsidiary                                    
trust
 
-
   
-
   
-
   
1,574
   
7,980
   
7,980
 
Interest on leases
 
104
   
155
   
108
   
201
   
137
   
154
 
Total fixed charges
 
64,149
   
77,832
   
76,128
   
76,588
   
77,398
   
78,310
 
                                     
Ratio of earnings to fixed charges
 
4.97
   
5.02
   
5.20
   
4.87
   
4.43
   
4.52
 
                                     
Preferred stock dividends
$
935
 
$
1,245
 
$
1,416
 
$
2,933
 
$
4,544
 
$
4,955
 
Ratio of net income before income taxes                                    
 to net income
 
1.4896
   
1.4854
   
1.6960
   
1.6838
   
1.7360
   
1.6676
 
Preferred stock dividend requirements                                    
 before income tax
 
1,393
   
1,849
   
2,402
   
4,939
   
7,888
   
8,263
 
Fixed charges plus preferred stock                                    
dividend requirements
 
65,542
   
79,681
   
78,530
   
81,527
   
85,286
   
86,573
 
                                     
Ratio of earnings to fixed charges plus                                    
preferred stock dividend requirements
                                   
(pre-income tax basis)
 
4.86
   
4.90
   
5.04
   
4.57
   
4.02
   
4.09