EXHIBIT 12
MIDAMERICAN ENERGY COMPANY
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
March 31, 1999 December 31, 1998
-------------------------------- -------------------------------
Supplemental (a) Supplemental (a)
-------------------- ---------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ...................... $108,598 $ -- $108,598 $115,593 $ -- $115,593
-------- -------- -------- -------- ------- --------
Add (Deduct):
Total income taxes ..................................... 70,649 -- 70,649 76,042 -- 76,042
Interest on long-term debt ............................. 69,129 2,772 71,901 70,193 2,931 73,124
Other interest charges ................................. 16,372 -- 16,372 14,128 -- 14,128
Preferred stock dividends of subsidiary trust .......... 7,980 -- 7,980 7,980 -- 7,980
Interest on leases ..................................... 203 -- 203 212 -- 212
-------- -------- -------- --------- ------- --------
164,333 2,772 167,105 168,555 2,931 171,486
-------- -------- -------- --------- ------- --------
Earnings available for fixed charges ............... 272,931 2,772 275,703 284,148 2,931 287,079
-------- -------- -------- --------- ------- --------
Fixed Charges:
Interest on long-term debt ............................. 69,129 2,772 71,901 70,193 2,931 73,124
Other interest charges ................................. 16,372 -- 16,372 14,128 -- 14,128
Preferred stock dividends of subsidiary trust .......... 7,980 -- 7,980 7,980 -- 7,980
Interest on leases ..................................... 203 -- 203 212 -- 212
-------- -------- -------- --------- ------- --------
Total fixed charges ................................ 93,684 2,772 96,456 92,513 2,931 95,444
-------- -------- -------- --------- ------- --------
Ratio of earnings to fixed charges ..................... 2.91 -- 2.86 3.07 -- 3.01
======== ======== ======== ========= ======= ========
Preferred stock dividends .............................. $ 4,954 $ -- $ 4,954 $ 4,952 $ -- $ 4,952
Ratio of net income before income taxes to net income .. 1.6506 -- 1.6506 1.6578 -- 1.6578
-------- -------- -------- --------- ------- --------
Preferred stock dividend requirements before income tax 8,177 -- 8,177 8,209 -- 8,209
-------- -------- -------- --------- ------- --------
Fixed charges plus preferred stock dividend requirements 101,861 2,772 104,633 100,722 2,931 103,653
-------- -------- -------- --------- ------- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ......... 2.68 -- 2.63 2.82 -- 2.77
======== ======== ======== ========= ======== ========
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
MIDAMERICAN ENERGY COMPANY
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, 1997 December 31,1996
-------------------------------- -------------------------------
Supplemental (a) Supplemental (a)
---------------------- ------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- --------- --------
Income from continuing operations ...................... $125,941 $ -- $125,941 $165,132 $ -- $165,132
-------- -------- -------- -------- -------- --------
Add (Deduct):
Total income taxes ..................................... 76,317 -- 76,317 112,927 -- 112,927
Interest on long-term debt ............................. 78,120 3,760 81,880 79,434 3,615 83,049
Other interest charges ................................. 10,027 -- 10,027 10,842 -- 10,842
Preferred stock dividends of subsidiary trust .......... 7,980 -- 7,980 288 -- 288
Interest on leases ..................................... 268 -- 268 375 -- 375
-------- -------- -------- -------- -------- --------
172,712 3,760 176,472 203,866 3,615 207,481
-------- -------- -------- -------- -------- --------
Earnings available for fixed charges ............... 298,653 3,760 302,413 368,998 3,615 372,613
-------- -------- -------- -------- -------- --------
Fixed Charges:
Interest on long-term debt ............................. 78,120 3,760 81,880 79,434 3,615 83,049
Other interest charges ................................. 10,027 -- 10,027 10,842 -- 10,842
Preferred stock dividends of subsidiary trust .......... 7,980 -- 7,980 288 -- 288
Interest on leases ..................................... 268 -- 268 375 -- 375
-------- -------- -------- -------- -------- --------
Total fixed charges ................................ 96,395 3,760 100,155 90,939 3,615 94,554
-------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges ..................... 3.10 -- 3.02 4.06 -- 3.94
======== ======== ======== ======== ======== ========
Preferred stock dividends .............................. $ 6,488 $ -- $ 6,488 $ 10,401 $ -- $ 10,401
Ratio of net income before income taxes to net income .. 1.6060 -- 1.6060 1.6839 -- 1.6839
-------- -------- -------- -------- -------- --------
Preferred stock dividend requirements before income tax 10,420 -- 10,420 17,514 -- 17,514
-------- -------- -------- -------- -------- --------
Fixed charges plus preferred stock dividend requirements 106,815 3,760 110,575 108,453 3,615 112,068
-------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ......... 2.80 -- 2.73 3.40 -- 3.32
======== ======== ======== ======== ======== ========
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
MIDAMERICAN ENERGY COMPANY
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 ...................... $132,489 $ -- $132,489 $121,145 $ -- $121,145
-------- -------- -------- -------- -------- --------
Add (Deduct):
Total income taxes ..................................... 84,098 -- 84,098 66,759 -- 66,759
Interest on long-term debt ............................. 80,133 4,595 84,728 73,922 5,428 79,350
Other interest charges ................................. 9,396 -- 9,396 6,639 -- 6,639
Preferred stock dividends of subsidiary trust .......... -- -- -- -- -- --
Interest on leases ..................................... 1,088 -- 1,088 1,211 -- 1,211
-------- -------- -------- -------- -------- --------
174,715 4,595 179,310 148,531 5,428 153,959
-------- -------- -------- -------- -------- --------
Earnings available for fixed charges ............... 307,204 4,595 311,799 269,676 5,428 275,104
-------- -------- -------- -------- -------- --------
Fixed Charges:
Interest on long-term debt ............................. 80,133 4,595 84,728 73,922 5,428 79,350
Other interest charges ................................. 9,396 -- 9,396 6,639 -- 6,639
Preferred stock dividends of subsidiary trust .......... -- -- -- -- -- --
Interest on leases ..................................... 1,088 -- 1,088 1,211 -- 1,211
-------- -------- -------- -------- -------- --------
Total fixed charges ................................ 90,617 4,595 95,212 81,772 5,428 87,200
-------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges ..................... 3.39 -- 3.27 3.30 -- 3.15
======== ======== ======== ======== ======== ========
Preferred stock dividends .............................. $ 8,059 $ -- $ 8,059 $ 10,551 $ -- $ 10,551
Ratio of net income before income taxes to net income .. 1.6348 -- 1.6348 1.5511 -- 1.5511
-------- -------- -------- -------- -------- --------
Preferred stock dividend requirements before income tax 13,175 -- 13,175 16,366 -- 16,366
-------- -------- -------- -------- -------- --------
Fixed charges plus preferred stock dividend requirements 103,792 4,595 108,387 98,138 5,428 103,566
-------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ......... 2.96 -- 2.88 2.75 -- 2.66
======== ======== ======== ======== ======== ========
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-