EXHIBIT 12.1 EASTERN ENTERPRISES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) NINE MONTHS ENDED SEPTEMBER YEAR ENDED DECEMBER 31, 30, ----------------------------------------------- ---------------- 1997 1996 1995 1994 1993 1998 1997 -------- -------- -------- -------- ------- ------- ------- Pretax earnings......... $ 82,870 $102,249 $ 89,805 $ 68,520 $48,979 $60,420 $55,720 Less: Capitalized interest............... (636) (570) (591) (969) (1,211) (315) (414) Plus: Fixed charges..... 44,408 44,868 49,158 48,694 44,847 29,358 33,410 -------- -------- -------- -------- ------- ------- ------- Adjusted earnings..... $126,642 $146,547 $138,372 $116,245 $92,615 $89,463 $88,716 Fixed charges: Interest reported..... $ 37,411 $ 37,290 $ 41,273 $ 41,001 $37,741 $24,495 $27,814 Interest capitalized.. 636 570 591 969 1,211 315 414 Fuel clause interest.. 2,452 2,120 2,480 2,061 1,532 1,576 1,813 Interest element of lease rental payments ( 1/3)............... 3,909 4,888 4,814 4,663 4,363 2,972 3,369 -------- -------- -------- -------- ------- ------- ------- $ 44,408 $ 44,868 $ 49,158 $ 48,694 $44,847 $29,358 $33,410 Fixed charge coverage............. 2.9 3.3 2.8 2.4 2.1 3.0 2.7