EXHIBIT 12.1
CALIFORNIA ENERGY COMPANY, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS, EXCEPT RATIO)
THREE MONTHS ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
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1995 1994 1994 1993 1992 1991 1990
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Pre-tax income from continuing
operations ....................... $18,158 $12,657 $ 55,836 $61,258 $50,732 $34,866 $15,565
Capitalized interest, net of
amortization ..................... (4,281) (2,642) (9,196) (6,174) (5,202) (4,979) (4,565)
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13,877 10,015 46,640 55,084 45,530 29,887 11,000
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Fixed Charges: Interest expense
and amortization of deferred
finance charges on all
indebtedness .................... 29,562 9,233 62,837 30,205 20,459 29,814 35,369
Interest portion of lease rentals 15 27 109 247 253 217 677
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Total fixed charges ............. 29,577 9,260 62,946 30,452 20,712 30,031 36,046
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Earnings before income taxes, and
fixed charges .................... $43,454 $19,275 $109,586 $85,536 $66,242 $59,918 $47,046
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Ratio of earnings to fixed charges 1.469 2.082 1.741 2.809 3.198 1.995 1.305
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