Exhibit 12.1
Coso Finance Partners and Coso Finance Partners II (Navy I Partnership)
Ratio of Earnings to Fixed Charges
Ratio of EBITDA before cumulative effect of accounting change to Fixed Charges
Ratio of EBITDA before cumulative effect of accounting change less
Capital Expenditures to Fixed Charges
(dollars in thousands)
Year Ended December 31,
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1994 1995 1996 1997 1998
Net income $54,517 $61,455 $76,477 $62,159 $16,588
Cumulative effect of accounting change - - - - 923
-------- -------- -------- -------- --------
Income before cumulative effect of
accounting change 54,517 61,455 76,477 62,159 17,511
Fixed charges 12,991 11,356 8,868 6,260 4,333
-------- -------- -------- -------- --------
Earnings plus fixed charges $67,508 $72,811 $85,345 $68,419 $21,844
======== ======== ======== ======== ========
Fixed charges (Interest expense which
includes amortization of debt issuance cost) $12,991 $11,356 $8,868 $6,260 $4,333
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.2x 6.4x 9.6x 10.9x 5.0x
======== ======== ======== ======== ========
Net income $54,517 $61,455 $76,477 $62,159 $16,588
Interest expense 12,991 11,356 8,868 6,260 4,333
Depreciation and amortization 12,109 12,770 13,325 12,814 11,772
Cumulative effect of accounting change - - - - 923
-------- -------- -------- -------- --------
EBITDA before cumulative effect of
accounting change $79,617 $85,581 $98,670 $81,233 $33,616
======== ======== ======== ======== ========
EBITDA before cumulative effect of
accounting change $79,617 $85,581 $98,670 $81,233 $33,616
Capital expenditures 14,417 6,965 2,294 4,589 6,683
-------- -------- -------- -------- --------
EBITDA before cumulative effect of
accounting change less capital
expenditures $65,200 $78,616 $96,376 $76,644 $26,933
======== ======== ======== ======== ========
Ratio of EBITDA before cumulative effect of
accounting change to fixed charges 6.1x 7.5x 11.1x 13.0x 7.8x
======== ======== ======== ======== ========
Ratio of EBITDA before cumulative effect of
accounting change less capital expenditures
to fixed charges 5.0x 6.9x 10.9x 12.2x 6.2x
======== ======== ======== ======== ========
Three Months Ended March 31, 1999
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Two Months One Month
Three Months Ended Ended
Ended February 28, March 31,
March 31, 1998 1999 1999 Total
Net income $2,395 $3,017 $1,141 $4,158
Cumulative effect of accounting change - - - -
-------- -------- ------- ------
Income before cumulative effect of
accounting change 2,395 3,017 1,141 4,158
Fixed charges 1,124 663 1,630 2,293
-------- -------- ------- ------
Earnings plus Fixed charges $3,519 $3,680 $2,771 $6,451
======== ======== ======= ======
Fixed charges (Interest expense which
includes amortization of debt issuance cost) $1,124 $ 663 $1,630 $2,293
======== ======== ======= ======
Ratio of earnings to fixed charges 3.1x 5.6x 1.7x 2.8x
======== ======== ======= ======
Net income $2,395 $3,017 $1,141 $4,158
Interest expense 1,124 663 1,630 2,293
Depreciation and amortization 2,957 1,604 783 2,387
Cumulative effect of accounting change - - - -
----------------------------------------------------
EBITDA before cumulative effect of
accounting change $6,476 $5,284 $3,554 $8,838
======== ======== ======= ======
EBITDA before cumulative effect of accounting
change $6,476 $5,284 $3,554 $8,838
Capital expenditures 24 538 271 809
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EBITDA before cumulative effect of accounting
change less capital expenditures $6,452 $4,746 $3,283 $8,029
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Ratio of EBITDA before cumulative effect of
accounting change to fixed charges 5.8x 8.0x 2.2x 3.9x
======== ======== ======= ======
Ratio of EBITDA before cumulative effect of
accounting change less capital expenditures
to fixed charges 5.7x 7.2x 2.0x 3.5x
======== ======== ======= ======