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 ...... $127,154 $ -- $127,154 $139,332 $ -- $139,332
Pre-tax (gain) loss of less than 50%
owned persons.......................... (720) -- (720) 2,234 -- 2,234
-------- ------- -------- --------- ------- ---------
126,434 -- 126,434 141,566 -- 141,566
-------- ------- -------- --------- ------- ---------
Add (Deduct):
Total income taxes...................... 76,926 -- 76,926 68,390 -- 68,390
Interest on long-term debt.............. 80,908 2,931 83,839 89,898 3,760 93,658
Other interest charges.................. 12,682 -- 12,682 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
-------- ------- -------- --------- ------- ---------
183,660 2,931 186,591 183,058 3,760 186,818
-------- ------- -------- --------- ------- ---------
EARNINGS AVAILABLE FOR FIXED CHARGES .. 310,094 2,931 313,025 324,624 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.................. 12,682 -- 12,682 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............................... 101,782 2,931 104,713 108,180 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.......................... 1.5823 -- 1.5823 1.4690 -- 1.4690
-------- ------- -------- --------- ------- ---------
Preferred stock dividend requirements
before income taxes.................... 7,836 -- 7,836 9,531 -- 9,531
-------- ------- -------- --------- ------- ---------
FIXED CHARGES.......................... $109,618 $2,931 $112,549 $117,711 $3,760 $121,471
-------- ------- -------- --------- ------- ---------
RATIO OF EARNINGS TO FIXED CHARGES ..... 2.8 -- 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