Exhibit 12.1 SALTON SEA FUNDING CORPORATION Ratio of Earnings to Fixed Charges (Amounts in Thousands, except ratio) From June 20, 1995 (Inception Date) Three Months through Ended December 31, March 31, 1996 1995 ----------- ----------- Pre-tax income from continuing operations 870 2,555 Capitalized interest, net of amortization ----------- ----------- 870 2,555 Fixed Charges: Interest expense and amortization of deferred finance charges on all indebtedness 7,990 15,022 ----------- ----------- Interest portion of lease rentals Total fixed charges 7,990 15,022 ----------- ----------- Earnings before income taxes, and fixed charges 8,860 17,577 =========== =========== Ratio of earnings to fixed charges 1.109 1.170 ----------- -----------