EXHIBIT 12.1
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
September 30, 1996 December 31,1995
-------------------------------- -------------------------------
Supplemental (a) Supplemental (a)
--------------------- -------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ......... $148,285 $148,285 $127,764 $127,764
-------- -------- -------- --------
Pre-tax (gain) loss of less than
50% owned persons ......................... (304) (304) 16,482 16,482
-------- -------- -------- --------
Add (Deduct):
Total income taxes ........................ 91,180 91,180 66,803 66,803
Interest on long-term debt ................ 103,684 3,837 107,521 105,550 4,595 110,145
Other interest charges .................... 10,850 -- 10,850 9,449 -- 9,449
Interest on leases ........................ 394 -- 394 1,088 -- 1,088
-------- ------ -------- -------- ----- --------
206,108 3,837 209,945 182,890 4,595 187,485
-------- ------ -------- -------- ----- --------
Earnings available for fixed charges ...... 354,089 3,837 357,926 327,136 4,595 331,731
-------- ------ -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ................ 103,684 3,837 107,521 105,550 4,595 110,145
Other interest charges .................... 10,850 -- 10,850 9,449 -- 9,449
Interest on leases ........................ 394 -- 394 1,088 -- 1,088
-------- ------ -------- ------- ----- --------
Total fixed charges ....................... 114,928 3,837 118,765 116,087 4,595 120,682
-------- ------ -------- ------- ----- --------
Ratio of earnings to fixed charges ........ 3.081 -- 3.014 2.818 -- 2.749
======== ====== ======== ======== ===== ========
Preferred stock dividend requirements ..... $ 8,567 $ 8,567 $ 8,059 $ 8,059
Ratio of net income before income taxes
to net income ............................. 1.6149 -- 1.6149 1.5229 -- 1.5229
-------- ------ -------- -------- ----- --------
Preferred stock dividend requirements
before income tax ......................... 13,835 -- 13,835 12,273 -- 12,273
-------- ------ -------- -------- ----- --------
Fixed charges plus preferred stock
dividend requirements ..................... 128,763 3,837 132,600 128,360 4,595 132,955
-------- ------ -------- -------- ----- --------
Ratio of earnings to fixed charges plus
preferred stock dividend requirements
(pre-income tax basis) .................... 2.750 -- 2.699 2.549 -- 2.495
======== ====== ======== ======== ===== ========
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.
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EXHIBIT 12.1
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, 1994 December 31, 1993
--------------------------------- -------------------------------
Supplemental (a) Supplemental (a)
---------------------- ---------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ......... $133,649 $133,649 $142,692 $142,692
-------- -------- -------- --------
Pre-tax (gain) loss of less than
50% owned persons ......................... (270) (270) (597) (597)
-------- -------- -------- -------
Add (Deduct):
Total income taxes ........................ 60,457 60,457 67,485 67,485
Interest on long-term debt ................ 101,267 5,428 106,695 107,044 5,678 112,722
Other interest charges .................... 6,446 -- 6,446 5,066 -- 5,066
Interest on leases ........................ 1,211 -- 1,211 1,876 -- 1,876
-------- ----- -------- -------- ----- --------
169,381 5,428 174,809 181,471 5,678 187,149
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ...... 302,760 5,428 308,188 323,566 5,678 329,244
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ................ 101,267 5,428 106,695 107,044 5,678 112,722
Other interest charges .................... 6,446 -- 6,446 5,066 -- 5,066
Interest on leases ........................ 1,211 -- 1,211 1,876 -- 1,876
-------- ----- -------- -------- ----- --------
Total fixed charges ....................... 108,924 5,428 114,352 113,986 5,678 119,664
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ........ 2.780 -- 2.695 2.839 -- 2.751
======== ====== ======== ======== ======= ========
Preferred stock dividend requirements ..... $ 10,551 $10,551 $ 8,367 $ 8,367
Ratio of net income before income taxes
to net income ............................. 1.4524 -- 1.4524 1.4729 -- 1.4729
-------- -------- -------- -------- ------- --------
Preferred stock dividend requirements
before income tax ......................... 15,324 -- 15,324 12,324 -- 12,324
-------- -------- -------- -------- ------- --------
Fixed charges plus preferred stock
dividend requirements ..................... 124,248 5,428 129,676 126,310 5,678 131,988
-------- -------- -------- -------- ------- --------
Ratio of earnings to fixed charges plus
preferred stock dividend requirements
(pre-income tax basis) .................... 2.437 -- 2.377 2.562 -- 2.494
======== ======== ======== ======== ======= ========
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-
EXHIBIT 12.1
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 ......... $ 83,780 $ 83,780 $126,671 $126,671
-------- -------- -------- --------
Pre-tax (gain) loss of less than
50% owned persons ......................... (1,297) (1,297) (240) (240)
-------- -------- -------- --------
Add (Deduct):
Total income taxes ........................ 24,566 24,566 58,637 58,637
Interest on long-term debt ................ 114,732 7,391 122,123 106,562 6,600 113,162
Other interest charges .................... 5,899 -- 5,899 16,380 -- 16,380
Interest on leases ........................ 2,386 -- 2,386 3,795 -- 3,795
-------- ----- -------- -------- ----- --------
147,583 7,391 154,974 185,374 6,600 191,974
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ...... 230,066 7,391 237,457 311,805 6,600 318,405
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ................ 114,732 7,391 122,123 106,562 6,600 113,162
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 7,391 130,408 126,737 6,600 133,337
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ........ 1.870 -- 1.821 2.460 -- 2.388
======== ===== ======== ======== ===== ========
Preferred stock dividend requirements ..... $ 8,735 $ 8,735 $ 9,708 $ 9,708
Ratio of net income before income taxes
to net income ............................. 1.2932 -- 1.2932 1.4629 -- 1.4629
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements
before income tax ......................... 11,296 -- 11,296 14,202 -- 14,202
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock
dividend requirements ..................... 134,313 7,391 141,704 140,939 6,600 147,539
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus
preferred stock dividend requirements
(pre-income tax basis) .................... 1.713 -- 1.676 2.212 -- 2.158
======== ===== ======== ======== ===== ========
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.
-3-