EXHIBIT 12.2
MIDAMERICAN FUNDING, LLC
COMPUTATION OF PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
(In Thousands)
(Unaudited)
PRO FORMA
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TWELVE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, 1998 SEPTEMBER 30, 1999
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SUPPLEMENTAL (a) SUPPLEMENTAL (a)
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ADJUST- AS ADJUST-
MENT ADJUSTED MENT AS ADJUSTED
--------- ---------- --------- -------------
Income from continuing operations........................ $ 74,632 $ -- $ 74,632 $130,576 $ -- $130,576
Pre-tax (gain) loss of less than 50% owned persons ...... (720) -- (720) (365) -- (365)
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73,912 -- 73,912 130,211 -- 130,211
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Add (Deduct):
Total income taxes....................................... 63,707 -- 63,707 98,493 -- 98,493
Interest on long-term debt............................... 122,395 2,931 125,326 88,034 1,733 89,767
Other interest charges................................... 12,682 -- 12,682 8,631 -- 8,631
Preferred stock dividends of subsidiary.................. 4,952 -- 4,952 3,716 -- 3,716
Preferred stock dividends of subsidiary trust ........... 7,980 -- 7,980 5,985 -- 5,985
Interest on leases....................................... 212 -- 212 136 -- 136
---------- --------- ---------- ---------- --------- -------------
211,928 2,931 214,859 204,995 1,733 206,728
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EARNINGS AVAILABLE FOR FIXED CHARGES.................... 285,840 2,931 288,771 335,206 1,733 336,939
---------- --------- ---------- ---------- --------- -------------
Fixed Charges:
Interest on long-term debt............................... 122,395 2,931 125,326 88,034 1,733 89,767
Other interest charges................................... 12,682 -- 12,682 8,631 -- 8,631
Preferred stock dividends of subsidiary trust ........... 7,980 -- 7,980 5,985 -- 5,985
Interest on leases....................................... 212 -- 212 136 -- 136
---------- --------- ---------- ---------- --------- -------------
Subtotal................................................ 143,269 2,931 146,200 102,786 1,733 104,519
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Preferred stock dividends of subsidiary.................. 4,952 -- 4,952 3,716 -- 3,716
Ratio of net income before income taxes to net income ... 1.8005 -- 1.8005 1.7334 -- 1.7334
---------- --------- ---------- ---------- --------- -------------
Preferred stock dividend requirements before income
taxes................................................... 8,916 -- 8,916 6,441 -- 6,441
---------- --------- ---------- ---------- --------- -------------
FIXED CHARGES........................................... $152,185 $2,931 $155,116 $109,227 $1,733 $110,960
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RATIO OF EARNINGS TO FIXED CHARGES....................... 1.9 -- 1.9 3.1 -- 3.0
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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.