EXHIBIT 12.1
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 DECEMBER 31,
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2002 2001 2000 1999 1998
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Income from continuing operations .......... $ 175,821 $ 152,778 $ 165,456 $ 127,331 $ 115,593
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Add (Deduct):
Total income taxes ......................... 120,230 112,452 110,461 88,453 76,042
Interest on long-term debt ................. 71,401 60,880 61,120 65,649 70,193
Other interest charges ..................... 3,412 8,401 9,056 11,249 14,128
Preferred stock dividends of
subsidiary trust .......................... 1,574 7,980 7,980 7,980 7,980
Interest on leases ......................... 201 137 154 176 212
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196,818 189,850 188,771 173,507 168,555
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Earnings available for fixed
charges ................................. 372,639 342,628 354,227 300,838 284,148
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Fixed Charges:
Interest on long-term debt ................. 71,401 60,880 61,120 65,649 70,193
Other interest charges ..................... 3,412 8,401 9,056 11,249 14,128
Preferred stock dividends of
subsidiary trust .......................... 1,574 7,980 7,980 7,980 7,980
Interest on leases ......................... 201 137 154 176 212
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Total fixed charges ....................... 76,588 77,398 78,310 85,054 92,513
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Ratio of earnings to fixed charges ......... 4.87 4.43 4.52 3.54 3.07
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Preferred stock dividends .................. $ 2,933 $ 4,544 $ 4,955 $ 4,955 $ 4,952
Ratio of net income before income
taxes to net income ....................... 1.6838 1.7360 1.6676 1.6947 1.6578
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Preferred stock dividend
requirements before income tax ............ 4,939 7,888 8,263 8,397 8,209
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Fixed charges plus preferred stock
dividend requirements ..................... 81,527 85,286 86,573 93,451 100,722
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Ratio of earnings to fixed charges
plus preferred stock ......................
dividend requirements (pre-income
tax basis) ................................ 4.57 4.02 4.09 3.22 2.82
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