EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In Millions, Except Ratios)
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||
Net income | $ | 1,676 | $ | 1,495 | $ | 1,352 | $ | 1,310 | $ | 1,188 | ||||||||||
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Add (Deduct): | ||||||||||||||||||||
Income tax expense | 130 | 148 | 294 | 198 | 282 | |||||||||||||||
Equity loss (income) | 35 | (68 | ) | (53 | ) | (43 | ) | (55 | ) | |||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 1,268 | 1,222 | 1,240 | 1,263 | 1,317 | |||||||||||||||
Distributions from equity investees | 16 | 22 | 32 | 33 | 27 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Capitalized interest | (48 | ) | (19 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||||
Preferred stock dividend requirements of consolidated subsidiaries | (7 | ) | (9 | ) | (10 | ) | (9 | ) | (10 | ) | ||||||||||
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1,394 | 1,296 | 1,500 | 1,439 | 1,558 | ||||||||||||||||
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Total earnings available for fixed charges | $ | 3,070 | $ | 2,791 | $ | 2,852 | $ | 2,749 | $ | 2,746 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 1,222 | $ | 1,176 | $ | 1,196 | $ | 1,225 | $ | 1,275 | ||||||||||
Estimated interest portion of rental payments | 39 | 37 | 34 | 29 | 32 | |||||||||||||||
Preferred stock dividend requirements of consolidated subsidiaries | 7 | 9 | 10 | 9 | 10 | |||||||||||||||
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Total fixed charges | $ | 1,268 | $ | 1,222 | $ | 1,240 | $ | 1,263 | $ | 1,317 | ||||||||||
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Ratio of earnings to fixed charges | 2.4x | 2.3x | 2.3x | 2.2x | 2.1x | |||||||||||||||
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