Exhibit 12.1
GREAT PLAINS ENERGY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||
(Thousands) | |||||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||
before cumulative effect of changes | |||||||||||||||||
in accounting principles | $ | 133,155 | $ | (16,966 | ) | $ | 128,631 | $ | 81,915 | $ | 120,722 | ||||||
Add: | |||||||||||||||||
Equity investment (income) loss | 1,173 | (24,639 | ) | 19,441 | 24,951 | 11,683 | |||||||||||
Minority interests in subsidiaries | - | (897 | ) | - | 1 | (2,222 | ) | ||||||||||
Income subtotal | 134,328 | (42,502 | ) | 148,072 | 106,867 | 130,183 | |||||||||||
Add: | |||||||||||||||||
Taxes on income | 48,275 | (26,813 | ) | 53,166 | 3,180 | 32,800 | |||||||||||
Kansas City earnings tax | 635 | 583 | 421 | 602 | 864 | ||||||||||||
Total taxes on income | 48,910 | (26,230 | ) | 53,587 | 3,782 | 33,664 | |||||||||||
Interest on value of leased | |||||||||||||||||
property | 7,093 | 10,679 | 11,806 | 8,577 | 8,482 | ||||||||||||
Interest on long-term debt | 65,837 | 83,581 | 60,956 | 51,327 | 57,012 | ||||||||||||
Interest on short-term debt | 6,312 | 9,915 | 11,537 | 4,362 | 295 | ||||||||||||
Mandatorily redeemable Preferred | |||||||||||||||||
Securities | 12,450 | 12,450 | 12,450 | 12,450 | 12,450 | ||||||||||||
Other interest expense | |||||||||||||||||
and amortization | 3,760 | 5,188 | 2,927 | 3,573 | 4,457 | ||||||||||||
Total fixed charges | 95,452 | 121,813 | 99,676 | 80,289 | 82,696 | ||||||||||||
Earnings before taxes on | |||||||||||||||||
income and fixed charges | 278,690 | 53,081 | 301,335 | 190,938 | 246,543 | ||||||||||||
Ratio of earnings to fixed charges | 2.92 | (a) | 3.02 | 2.38 | 2.98 | ||||||||||||
(a) | A $68.7 million deficiency in earnings caused the ratio of earnings to fixed charges to be less than a one-to-one coverage. A $195.8 million net write-off before income taxes related to the bankruptcy filing of DTI was recorded in 2001. |