Exhibit 12.1
GREAT PLAINS ENERGY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||
(Thousands) | |||||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||
before cumulative effect of changes | |||||||||||||||||
in accounting principles | $ | 153,613 | $ | 133,155 | $ | (16,966 | ) | $ | 128,631 | $ | 81,915 | ||||||
Add: | |||||||||||||||||
Equity investment (income) loss | 2,018 | 1,173 | (24,639 | ) | 19,441 | 24,951 | |||||||||||
Minority interests in subsidiaries | (1,263 | ) | - | (897 | ) | - | 1 | ||||||||||
Income subtotal | 154,368 | 134,328 | (42,502 | ) | 148,072 | 106,867 | |||||||||||
Add: | |||||||||||||||||
Taxes on income | 55,514 | 48,275 | (26,813 | ) | 53,166 | 3,180 | |||||||||||
Kansas City earnings tax | 418 | 635 | 583 | 421 | 602 | ||||||||||||
Total taxes on income | 55,932 | 48,910 | (26,230 | ) | 53,587 | 3,782 | |||||||||||
Interest on value of leased | |||||||||||||||||
property | 5,944 | 7,093 | 10,679 | 11,806 | 8,577 | ||||||||||||
Interest on long-term debt | 58,847 | 65,837 | 83,581 | 60,956 | 51,327 | ||||||||||||
Interest on short-term debt | 5,442 | 6,312 | 9,915 | 11,537 | 4,362 | ||||||||||||
Mandatorily redeemable Preferred | |||||||||||||||||
Securities | 9,338 | 12,450 | 12,450 | 12,450 | 12,450 | ||||||||||||
Other interest expense | |||||||||||||||||
and amortization | 3,912 | 3,760 | 5,188 | 2,927 | 3,573 | ||||||||||||
Total fixed charges | 83,483 | 95,452 | 121,813 | 99,676 | 80,289 | ||||||||||||
Earnings before taxes on | |||||||||||||||||
income and fixed charges | $ | 293,783 | $ | 278,690 | $ | 53,081 | $ | 301,335 | $ | 190,938 | |||||||
Ratio of earnings to fixed charges | 3.52 | 2.92 | (a) | 3.02 | 2.38 | ||||||||||||
(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. |