Exhibit 12.1 Central Power and Light Company Consolidated Ratio of Earnings to Fixed Charges For Years Ended December 31, 1999 1998 1997 1996 1995 --------------------------------------------------- (thousands, except ratios) Operating income $294,672 $282,926 $251,367 $285,647 $282,184 Adjustments Income taxes 83,508 126,738 39,329 47,227 51,755 Provision for deferred income taxes 20,308 (8,253) 34,484 51,476 (30,025) Deferred investment tax credits (5,207) (3,858) (4,819) (5,553) (5,789) Charges for investments and plant development costs, net of tax -- -- (1,281) (15,569) -- Other income and deductions 8,113 709 7,834 3,997 14,880 Allowance for borrowed and equity funds used during construction 4,532 2,822 3,778 1,845 4,514 Mirror CWIP amortization -- -- -- -- 41,000 --------------------------------------------------- Earnings $405,926 $401,084 $330,692 $369,070 $358,519 =================================================== Fixed charges: Interest on long-term debt $87,413 $93,301 $105,081 $110,375 $116,205 Interest on short-term debt 19,498 19,506 20,613 18,494 19,926 Distributions on Trust Preferred Securities 12,000 12,000 7,533 -- -- --------------------------------------------------- Fixed Charges $118,911 $124,807 $133,227 $128,869 $136,131 =================================================== Ratio of earnings to fixed charges 3.41 3.21 2.48 2.86 2.63 4-16