EX-12.1 5 dex121.txt COMPUTATION OF RATIO EARNINGS EXHIBIT 12.1 Edison Mission Energy Ratio of Earnings to Fixed Charges (000s)
2000 1999 1998 1997 1996 --------- -------- -------- -------- -------- Earnings: Income before taxes and accounting change......... $ 180,098 $103,705 $202,579 $185,515 $174,110 Adjustments: Fixed charges, as below.. 797,891 439,300 260,439 275,426 261,885 Interest capitalized..... (14,281) (27,471) (26,300) (15,000) (64,400) Equity in earnings of equity method investments............. (100,569) (79,433) (45,984) (76,694) (72,272) Dividends from equity method investments...... 121,463 80,891 49,208 82,576 72,787 --------- -------- -------- -------- -------- Earnings as adjusted....... $ 984,602 $516,992 $439,942 $451,823 $372,110 ========= ======== ======== ======== ======== Fixed Charges: Interest on indebtedness (expense and capitalized).............. $ 729,201 $413,811 $245,220 $260,249 $246,895 Dividends on preferred securities................ 32,075 22,375 13,149 13,167 13,100 Interest portion of rental expense................... 36,615 3,114 2,070 2,010 1,890 --------- -------- -------- -------- -------- $ 797,891 $439,300 $260,439 $275,426 $261,885 ========= ======== ======== ======== ======== Ratio of Earnings to Fixed Charges................... 1.23 1.18 1.69 1.64 1.42