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) NINE MONTHS TWELVE MONTHS ENDED DECEMBER 31, ENDED -------------------------------------------------------------------------- SEPTEMBER 30, 2003 2002 2001 2000 1999 1998 ------------------- -------------- -------------- -------------- -------------- -------------- Income from continuing operations ...................... $ 156,129 $ 175,821 $ 152,778 $ 165,456 $ 127,331 $ 115,593 ---------- ---------- ---------- ---------- ---------- ---------- Add (Deduct): Total income taxes ............... 121,945 120,230 112,452 110,461 88,453 76,042 Interest on long-term debt ....... 54,441 71,401 60,880 61,120 65,649 70,193 Other interest charges ........... 2,867 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 ............... 267 201 137 154 176 212 ---------- ---------- ---------- ---------- ---------- ---------- 179,520 196,818 189,850 188,771 173,507 168,555 ---------- ---------- ---------- ---------- ---------- ---------- Earnings available for fixed charges ....................... 335,649 372,639 342,628 354,227 300,838 284,148 ---------- ---------- ---------- ---------- ---------- ---------- Fixed Charges: Interest on long-term debt ....... 54,441 71,401 60,880 61,120 65,649 70,193 Other interest charges ........... 2,867 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 ............... 267 201 137 154 176 212 ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges ............. 57,575 76,588 77,398 78,310 85,054 92,513 ---------- ---------- ---------- ---------- ---------- ---------- Ratio of earnings to fixed charges ......................... 5.83 4.87 4.43 4.52 3.54 3.07 ========== ========== ========== ========== ========== ========== Preferred stock dividends ........ $ 1,091 $ 2,933 $ 4,544 $ 4,955 $ 4,955 $ 4,952 Ratio of net income before income taxes to net income ...... 1.7811 1.6838 1.7360 1.6676 1.6947 1.6578 ----------- ----------- ----------- ----------- ----------- ----------- Preferred stock dividend requirements before income tax ............................. 1,943 4,939 7,888 8,263 8,397 8,209 ----------- ----------- ----------- ----------- ----------- ----------- Fixed charges plus preferred stock dividend requirements ..... 59,518 81,527 85,286 86,573 93,451 100,722 ----------- ----------- ----------- ----------- ----------- ----------- Ratio of earnings to fixed charges plus preferred stock dividend requirements (pre-income tax basis) .......... 5.64 4.57 4.02 4.09 3.22 2.82 =========== =========== =========== =========== =========== ===========