EXHIBIT 12.1 MIDAMERICAN FUNDING, LLC COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In Thousands) (Unaudited) MIDAMERICAN FUNDING MHC INC. (PREDECESSOR) -------------------------- --------------------------- MARCH 12, 1999 - JANUARY 1, 1999 - SEPTEMBER 30, 1999 MARCH 11, 1999 -------------------------- --------------------------- SUPPLEMENTAL (a) SUPPLEMENTAL (a) ----------------- ----------------- ADJUST- AS ADJUST- AS MENT ADJUSTED MENT ADJUSTED ------- -------- ------- --------- Income from continuing operations ...... $108,628 $ -- $108,628 $16,789 $ -- $16,789 Pre-tax (gain) loss of less than 50% owned persons.......................... (22) -- (22) (343) -- (343) -------- ------- -------- -------- ------- -------- 108,606 -- 108,606 16,446 -- 16,446 -------- ------- -------- -------- ------- -------- Add (Deduct): Total income taxes...................... 77,348 -- 77,348 21,377 -- 21,377 Interest on long-term debt ............. 65,174 1,031 66,205 14,814 702 15,516 Other interest charges.................. 5,486 -- 5,486 3,145 -- 3,145 Preferred stock dividends of subsidiary............................. 2,337 -- 2,337 836 -- 836 Preferred stock dividends of subsidiary trust.................................. 3,990 -- 3,990 1,995 -- 1,995 Interest on leases...................... 98 -- 98 38 -- 38 -------- ------- -------- -------- ------- -------- 154,433 1,031 155,464 42,205 702 42,907 -------- ------- -------- -------- ------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES .. 263,039 1,031 264,070 58,651 702 59,353 -------- ------- -------- -------- ------- -------- Fixed Charges: Interest on long-term debt.............. 65,174 1,031 66,205 14,814 702 15,516 Other interest charges.................. 5,486 -- 5,486 3,145 -- 3,145 Preferred stock dividends of subsidiary trust.................................. 3,990 -- 3,990 1,995 -- 1,995 Interest on leases...................... 98 -- 98 38 -- 38 -------- ------- -------- -------- ------- -------- Subtotal............................... 74,748 1,031 75,779 19,992 702 20,694 -------- ------- -------- -------- ------- -------- Preferred stock dividends of subsidiary............................. 2,337 -- 2,337 836 -- 836 Ratio of net income before income taxes to net income.......................... 1.6970 -- 1.6970 2.2129 -- 2.2129 -------- ------- -------- -------- ------- -------- Preferred stock dividend requirements before income taxes.................... 3,966 -- 3,966 1,850 -- 1,850 -------- ------- -------- -------- ------- -------- FIXED CHARGES.......................... $ 78,714 $1,031 $ 79,745 $21,842 $702 $22,544 -------- ------- -------- -------- ------- -------- RATIO OF EARNINGS TO FIXED CHARGES ..... 3.3 -- 3.3 2.7 -- 2.6 ======== ======= ======== ======== ======= ======== (RESTUBBED TABLE CONTINUED FROM ABOVE) MHC INC. (PREDECESSOR) ------------------------------------------------------ TWELVE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, 1998 DECEMBER 31, 1997 -------------------------- -------------------------- SUPPLEMENTAL (a) SUPPLEMENTAL (a) ----------------- ----------------- ADJUST- AS ADJUST- AS MENT ADJUSTED MENT ADJUSTED ------- -------- ------- -------- Income from continuing operations ...... $131,318 $ -- $131,318 $139,332 $ -- $139,332 Pre-tax (gain) loss of less than 50% owned persons.......................... (720) -- (720) 2,234 -- 2,234 -------- ------- -------- --------- ------- --------- 130,598 -- 130,598 141,566 -- 141,566 -------- ------- -------- --------- ------- --------- Add (Deduct): Total income taxes...................... 80,013 -- 80,013 68,390 -- 68,390 Interest on long-term debt.............. 80,908 2,931 83,839 89,898 3,760 93,658 Other interest charges.................. 14,611 -- 14,611 10,034 -- 10,034 Preferred stock dividends of subsidiary............................. 4,952 -- 4,952 6,488 -- 6,488 Preferred stock dividends of subsidiary trust.................................. 7,980 -- 7,980 7,980 -- 7,980 Interest on leases...................... 212 -- 212 268 -- 268 -------- ------- -------- --------- ------- --------- 188,676 2,931 191,607 183,058 3,760 186,818 -------- ------- -------- --------- ------- --------- EARNINGS AVAILABLE FOR FIXED CHARGES .. 319,274 2,931 322,205 324,624 3,760 328,384 -------- ------- -------- --------- ------- --------- Fixed Charges: Interest on long-term debt.............. 80,908 2,931 83,839 89,898 3,760 93,658 Other interest charges.................. 14,611 -- 14,611 10,034 -- 10,034 Preferred stock dividends of subsidiary trust.................................. 7,980 -- 7,980 7,980 -- 7,980 Interest on leases...................... 212 -- 212 268 -- 268 -------- ------- -------- --------- ------- --------- Subtotal............................... 103,711 2,931 106,642 108,180 3,760 111,940 -------- ------- -------- --------- ------- --------- Preferred stock dividends of subsidiary............................. 4,952 -- 4,952 6,488 -- 6,488 Ratio of net income before income taxes to net income.......................... 1.5872 -- 1.5872 1.4690 -- 1.4690 -------- ------- -------- --------- ------- --------- Preferred stock dividend requirements before income taxes.................... 7,860 -- 7,860 9,531 -- 9,531 -------- ------- -------- --------- ------- --------- FIXED CHARGES.......................... $111,571 $2,931 $114,502 $117,711 $3,760 $121,471 -------- ------- -------- --------- ------- --------- RATIO OF EARNINGS TO FIXED CHARGES ..... 2.9 -- 2.8 2.8 -- 2.7 ======== ======= ======== ========= ======= ========= Note: (a) Amounts in the supplemental columns are to reflect MidAmerican Energy'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 12.1 MIDAMERICAN FUNDING, LLC COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In Thousands) (Unaudited) MHC INC. (PREDECESSOR) ------------------------------------------------------ TWELVE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, 1996 DECEMBER 31, 1995 -------------------------- --------------------------- SUPPLEMENTAL (a) SUPPLEMENTAL (a) ----------------- ----------------- ADJUST- AS ADJUST- AS MENT ADJUSTED MENT ADJUSTED ------- -------- ------- -------- Income from continuing operations.............. $143,761 $ -- $143,761 $119,705 $ -- $119,705 Pre-tax (gain) loss of less than 50% owned persons....................................... (698) -- (698) 9,079 -- 9,079 -------- ------- -------- --------- ------- --------- 143,063 -- 143,063 128,784 -- 128,784 -------- ------- -------- --------- ------- --------- Add (Deduct): Total income taxes............................. 98,422 -- 98,422 66,803 -- 66,803 Interest on long-term debt..................... 102,909 3,615 106,524 105,550 4,595 110,145 Other interest charges......................... 10,941 -- 10,941 9,449 -- 9,449 Preferred stock dividends of subsidiary ....... 10,401 -- 10,401 8,059 -- 8,059 Preferred stock dividends of subsidiary trust . 288 -- 288 -- -- -- Interest on leases............................. 375 -- 375 1,088 -- 1,088 -------- ------- -------- --------- ------- --------- 223,336 3,615 226,951 190,949 4,595 195,544 -------- ------- -------- --------- ------- --------- EARNINGS AVAILABLE FOR FIXED CHARGES ......... 366,399 3,615 370,014 319,733 4,595 324,328 -------- ------- -------- --------- ------- --------- Fixed Charges: Interest on long-term debt..................... 102,909 3,615 106,524 105,550 4,595 110,145 Other interest charges......................... 10,941 -- 10,941 9,449 -- 9,449 Preferred stock dividends of subsidiary trust . 288 -- 288 -- -- -- Interest on leases............................. 375 -- 375 1,088 -- 1,088 -------- ------- -------- --------- ------- --------- Subtotal...................................... 114,513 3,615 118,128 116,087 4,595 120,682 -------- ------- -------- --------- ------- --------- Preferred stock dividends of subsidiary ....... 10,401 -- 10,401 8,059 -- 8,059 Ratio of net income before income taxes to net income........................................ 1.6384 -- 1.6384 1.5229 -- 1.5229 -------- ------- -------- --------- ------- --------- Preferred stock dividend requirements before income taxes.................................. 17,041 -- 17,041 12,273 -- 12,273 -------- ------- -------- --------- ------- --------- FIXED CHARGES................................. $131,554 $3,615 $135,169 $128,360 $4,595 $132,955 -------- ------- -------- --------- ------- --------- RATIO OF EARNINGS TO FIXED CHARGES............. 2.8 -- 2.7 2.5 -- 2.4 ======== ======= ======== ========= ======= ========= (RESTUBBED TABLE CONTINUED FROM ABOVE) MHC INC. (PREDECESSOR) ------------------------------ TWELVE MONTHS ENDED DECEMBER 31, 1994 ------------------------------ SUPPLEMENTAL (a) -------------------- ADJUST- MENT AS ADJUSTED ------- ----------- Income from continuing operations.............. $123,098 $ -- $123,098 Pre-tax (gain) loss of less than 50% owned persons....................................... (270) -- (270) -------- ------- ----------- 122,828 -- 122,828 -------- ------- ----------- Add (Deduct): Total income taxes............................. 60,457 -- 60,457 Interest on long-term debt..................... 101,267 5,428 106,695 Other interest charges......................... 6,446 -- 6,446 Preferred stock dividends of subsidiary ....... 10,551 -- 10,551 Preferred stock dividends of subsidiary trust . -- -- -- Interest on leases............................. 1,211 -- 1,211 -------- ------- ----------- 179,932 5,428 185,360 -------- ------- ----------- EARNINGS AVAILABLE FOR FIXED CHARGES ......... 302,760 5,428 308,188 -------- ------- ----------- Fixed Charges: Interest on long-term debt..................... 101,267 5,428 106,695 Other interest charges......................... 6,446 -- 6,446 Preferred stock dividends of subsidiary trust . -- -- -- Interest on leases............................. 1,211 -- 1,211 -------- ------- ----------- Subtotal...................................... 108,924 5,428 114,352 -------- ------- ----------- Preferred stock dividends of subsidiary ....... 10,551 -- 10,551 Ratio of net income before income taxes to net income........................................ 1.4524 -- 1.4524 -------- ------- ----------- Preferred stock dividend requirements before income taxes.................................. 15,324 -- 15,324 -------- ------- ----------- FIXED CHARGES................................. $124,248 $5,428 $129,676 -------- ------- ----------- RATIO OF EARNINGS TO FIXED CHARGES............. 2.4 -- 2.4 ======== ======= =========== Note: (a) Amounts in the supplemental columns are to reflect MidAmerican Energy'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