EXHIBIT 12.1 EASTERN ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) YEAR ENDED DECEMBER 31, -------------------------------------------------------------------------------- 1999 1998 1997 1996 1995 1994 Pretax earnings $ 91,247 $ 79,994 $ 82,870 $ 102,249 $ 89,805 $ 68,520 Less: Capitalized Interest (923) (490) (636) (570) (591) (932) Plus: Fixed Changes 46,082 $ 39,749 $ 44,028 $ 44,488 $ 48,878 $ 48,382 -------------------------------------------------------------------------------- Adjusted earnings $136,406 $ 119,253 $ 126,262 $ 146,167 $ 138,092 $ 115,970 Fixed Charges: Interest reported $ 39,136 $ 33,584 $ 37,411 $ 37,290 $ 41,273 $ 41,001 Interest capitalized 923 490 636 570 591 932 Fuel clause interest 2,547 1,302 2,452 2,120 2,480 2,061 Preferred stock dividend 0 0 0 0 0 0 Interest element of lease rental payments (1/3) 3,476 4,373 3,529 4,508 4,534 4,388 --------------------------------------------------------------------------------- $ 46,082 $ 39,749 $ 44,028 $ 44,488 $ 48,878 $ 48,382 Fixed Charge Coverage 3.0 3.0 2.9 3.3 2.8 2.4