Exhibit 12.2
Coso Energy Developers (BLM 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,
-------- -------- -------- -------- --------
1994 1995 1996 1997 1998
Net income $35,243 $47,697 $51,264 $52,282 $56,473
Cumulative effect of accounting change - - - - 953
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Income before cumulative effect of
accounting change 35,243 47,697 51,264 52,282 57,426
Fixed charges 16,040 15,063 13,162 9,105 6,267
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Earnings plus fixed charges $51,283 $62,760 $64,426 $61,387 $63,693
======== ======== ======== ======== ========
Fixed charges (Interest expense which
includes amortization of debt issuance cost) $16,040 $15,063 $13,162 $ 9,105 $ 6,267
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.2x 4.2x 4.9x 6.7x 10.2x
======== ======== ======== ======== ========
Net income $35,243 $47,697 $51,264 $52,282 $56,473
Interest expense 16,040 15,063 13,162 9,105 6,267
Depreciation and amortization 12,292 13,170 13,931 14,257 14,308
Cumulative effect of accounting change - - - - 953
--------------------------------------------
EBITDA before cumulative effect of
accounting change $63,575 $75,930 $78,357 $75,644 $78,001
======== ======== ======== ======== ========
EBITDA before cumulative effect of
accounting change $63,575 $75,930 $78,357 $75,644 $78,001
Capital expenditures 17,437 8,425 6,033 3,728 20,302
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EBITDA before cumulative effect of
accounting change less capital expenditures $46,138 $67,505 $72,324 $71,916 $57,699
======== ======== ======== ======== ========
Ratio of EBITDA before cumulative effect of
accounting change to fixed charges 4.0x 5.0x 6.0x 8.3x 12.4x
======== ======== ======== ======== ========
Ratio of EBITDA before cumulative effect of
accounting change less capital expenditures
to fixed charges 2.9x 4.5x 5.5x 7.9x 9.2x
======== ======== ======== ======== ========
Three Months Ended March 31, 1999
-------------------------------------
Two Months One Month
Three Months Ended Ended
Ended February 28, March 31,
March 31, 1998 1999 1999 Total
Net income $ 9,917 $8,814 ($397) $8,417
Cumulative effect of accounting change - - - -
----------------------------------------------------
Income before cumulative effect of accounting
change $ 9,917 8,814 (397) 8,417
Fixed charges 1,786 616 1,233 1,849
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Earnings plus fixed charges $11,703 $9,430 $ 836 $10,266
======== ======= ====== =======
Fixed charges (Interest expense which
includes amortization of debt issuance cost) $ 1,786 $ 616 $1,233 $ 1,849
======== ======= ====== =======
Ratio of earnings to fixed charges 6.6x 15.3x 0.7x 5.6x
======== ======= ====== =======
Net income $ 9,917 $8,814 $ (397) $ 8,417
Interest expense 1,786 616 1,233 1,849
Depreciation and amortization 3,642 2,550 1,175 3,725
Cumulative effect of accounting change - - - -
----------------------------------------------------
EBITDA before cumulative effect of accounting
change $15,345 $11,980 $2,011 $13,991
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EBITDA before cumulative effect of accounting change $15,345 $11,980 $2,011 $13,991
Capital expenditures 3,556 (120) 311 191
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EBITDA before cumulative effect of accounting
change less capital expenditures $11,789 $12,100 $1,700 $13,800
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Ratio of EBITDA before cumulative effect of
accounting change to fixed charges 8.6x 19.4x 1.6x 7.6x
======== ======= ====== =======
Ratio of EBITDA before cumulative effect of
accounting change less capital expenditures
to fixed charges 6.6x 19.6x 1.4x 7.5x
======== ======= ====== =======