EXHIBIT 12
MIDAMERICAN ENERGY COMPANY (consolidated)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(In Thousands)
(Unaudited)
Twelve Months Ended Twelve Months Ended
December 31, 1995 December 31,1994
---------------------------------------- ----------------------------------------
Supplemental (a) Supplemental (a)
---------------- ----------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations $130,406 $130,406 $136,385 $136,385
Pre-tax (gain) loss of less than
50% owned persons 16,482 16,482 (270) (270)
Add (Deduct):
Total income taxes 67,984 67,984 62,349 62,349
Interest on long-term debt 110,505 4,595 115,100 105,753 5,428 111,181
Other interest charges 9,449 9,449 6,446 6,446
Interest on leases 1,088 1,088 1,211 1,211
----------------------------------------- ---------------------------------------
189,026 4,595 193,621 175,759 5,428 181,187
----------------------------------------- ---------------------------------------
Earnings available for fixed charges 335,914 4,595 340,509 311,874 5,428 317,302
----------------------------------------- ---------------------------------------
Fixed Charges:
Interest on long-term debt 110,505 4,595 115,100 105,753 5,428 111,181
Other interest charges 9,449 - 9,449 6,446 - 6,446
Interest on leases 1,088 - 1,088 1,211 - 1,211
----------------------------------------- ---------------------------------------
Total fixed charges 121,042 4,595 125,637 113,410 5,428 118,838
----------------------------------------- ---------------------------------------
Ratio of earnings to fixed charges 2.775 - 2.710 2.750 - 2.670
----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
Preferred stock dividend requirements $ 8,059 $ 8,059 $ 10,551 $ 10,551
Ratio of net income before income taxes
to net income 1.5213 - 1.5213 1.4572 - 1.4572
----------------------------------------- ---------------------------------------
Preferred stock dividend requirements
before income tax 12,260 - 12,260 15,374 - 15,374
----------------------------------------- ---------------------------------------
Fixed charges plus preferred stock
dividend requirements 133,302 4,595 137,897 128,784 5,428 134,212
----------------------------------------- ---------------------------------------
Ratio of earnings to fixed charges plus
preferred stock
dividend requirements (pre-income tax basis) 2.520 - 2.469 2.422 - 2.364
----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
Twelve Months Ended
December 31, 1993
----------------------------------------
Supplemental (a)
----------------
As
Adjustment Adjusted
---------- --------
Income from continuing operations $147,705 $147,705
Pre-tax (gain) loss of less than
50% owned persons (597) (597)
Add (Deduct):
Total income taxes 71,409 71,409
Interest on long-term debt 111,065 5,678 116,743
Other interest charges 5,066 5,066
Interest on leases 1,876 1,876
-----------------------------------------
189,416 5,678 195,094
-----------------------------------------
Earnings available for fixed charges 336,524 5,678 342,202
-----------------------------------------
Fixed Charges:
Interest on long-term debt 111,065 5,678 116,743
Other interest charges 5,066 - 5,066
Interest on leases 1,876 - 1,876
-----------------------------------------
Total fixed charges 118,007 5,678 123,685
-----------------------------------------
Ratio of earnings to fixed charges 2.852 - 2.767
-----------------------------------------
-----------------------------------------
Preferred stock dividend requirements $ 8,367 $ 8,367
Ratio of net income before income taxes
to net income 1.4835 - 1.4835
-----------------------------------------
Preferred stock dividend requirements
before income tax 12,412 - 12,412
-----------------------------------------
Fixed charges plus preferred stock
dividend requirements 130,419 5,678 136,097
-----------------------------------------
Ratio of earnings to fixed charges plus
preferred stock
dividend requirements (pre-income tax basis) 2.580 - 2.514
-----------------------------------------
-----------------------------------------
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public Power
District under a long term purchase agreement for one-half of the plant
capacity from Cooper Nuclear Station.
1
EXHIBIT 12
MIDAMERICAN ENERGY COMPANY (consolidated)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(In Thousands)
(Unaudited)
Twelve Months Ended Twelve Months Ended
December 31, 1992 December 31,1991
---------------------------------------- ----------------------------------------
Supplemental (a) Supplemental (a)
---------------- ----------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations $ 88,085 $ 88,085 $127,969 $127,969
Pre-tax (gain) loss of less than
50% owned persons (1,297) (1,297) (240) (240)
Add (Deduct):
Total income taxes 26,812 26,812 59,604 59,604
Interest on long-term debt 114,732 7,391 122,123 106,538 5,689 112,227
Other interest charges 5,899 5,899 16,380 16,380
Interest on leases 2,386 2,386 3,795 3,795
----------------------------------------- ---------------------------------------
149,829 7,391 157,220 186,317 5,689 192,006
----------------------------------------- ---------------------------------------
Earnings available for fixed charges 236,617 7,391 244,008 314,046 5,689 319,735
----------------------------------------- ---------------------------------------
Fixed Charges:
Interest on long-term debt 114,732 7,391 122,123 106,538 5,689 112,227
Other interest charges 5,899 - 5,899 16,380 - 16,380
Interest on leases 2,386 - 2,386 3,795 - 3,795
----------------------------------------- ---------------------------------------
Total fixed charges 123,017 7,391 130,408 126,713 5,689 132,402
----------------------------------------- ---------------------------------------
Ratio of earnings to fixed charges 1.923 - 1.871 2.478 - 2.415
----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
Preferred stock dividend requirements $ 8,735 $ 8,735 $ 9,708 $ 9,708
Ratio of net income before income taxes
to net income 1.3044 - 1.3044 1.4658 - 1.4658
----------------------------------------- ---------------------------------------
Preferred stock dividend requirements
before income tax 11,394 - 11,394 14,230 - 14,230
----------------------------------------- ---------------------------------------
Fixed charges plus preferred stock
dividend requirements 134,411 7,391 141,802 140,943 5,689 146,632
----------------------------------------- ---------------------------------------
Ratio of earnings to fixed charges plus
preferred stock
dividend requirements (pre-income tax basis) 1.760 - 1.721 2.228 - 2.181
----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public Power
District under a long term purchase agreement for one-half of the plant
capacity from Cooper Nuclear Station.
2