EX-12.1 8 a2057631zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 EDISON MISSION ENERGY RATIO OF EARNINGS TO FIXED CHARGES (000s)
Six months Six months ended ended June 30, June 30, 2001 2000 2000 1999 ---------------------------------------------------------------------- Earnings: Income (loss) before taxes and accounting change $ 4,488 $(76,457) $ 180,098 $103,705 Adjustments: Fixed charges, as below 373,906 400,311 797,891 439,300 Interest capitalized (10,030) (7,800) (14,281) (27,471) Equity in earnings of equity method investments (71,807) (27,758) (100,569) (79,433) Dividends from equity method investments 51,930 35,462 121,463 80,891 ---------------------------------------------------------------------- Earnings as adjusted $348,488 $323,758 $ 984,602 $516,992 ====================================================================== Fixed Charges: Interest on indebtedness (expense and capitalized) $343,219 $382,394 $ 729,201 $413,811 Dividends on preferred securities 12,380 16,360 32,075 22,375 Interest portion of rental expense 18,307 1,557 36,615 3,114 ---------------------------------------------------------------------- $373,906 $400,311 $ 797,891 $439,300 ====================================================================== Ratio of Earnings to Fixed Charges 0.93 0.81 1.23 1.18 1998 1997 1996 --------------------------------------------------- Earnings: Income (loss) before taxes and accounting change $202,579 $185,515 $174,110 Adjustments: Fixed charges, as below 260,439 275,426 261,885 Interest capitalized (26,300) (15,000) (64,400) Equity in earnings of equity method investments (45,984) (76,694) (72,272) Dividends from equity method investments 49,208 82,576 72,787 --------------------------------------------------- Earnings as adjusted $439,942 $451,823 $372,110 =================================================== Fixed Charges: Interest on indebtedness (expense and capitalized) $245,220 $260,249 $246,895 Dividends on preferred securities 13,149 13,167 13,100 Interest portion of rental expense 2,070 2,010 1,890 --------------------------------------------------- $260,439 $275,426 $261,885 =================================================== Ratio of Earnings to Fixed Charges 1.69 1.64 1.42