Exhibit 12.1
CALENERGY COMPANY, INC.
Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratio)
Six Months Ended
June 30 Year Ended December 31
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1997 1996 1996 1995 1994 1993 1992
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Pre-tax income from
continuing operations..................... $117,528 $49,270 $135,713 $97,051 $55,838 $81,258 $50,732
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Loss on equity investment in
unconsolidated subsidiary................. 3,957 2,774 5,221 382 -- -- --
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Capitalized interest,
net of amortization....................... (21,150) (22,701) (37,476) (31,160) (9,198) (6,174) (5,202)
-------- -------- -------- -------- ------- ------- -----
100,335 29,343 103,458 66,253 46,640 55,084 45,530
Fixed Charges: ------- ------ ------- ------ ------ ------ ------
Interest expense and amortization of
deferred finance charges on all
indebtness............................ 142,266 71,504 165,900 134,637 62,837 30,205 20,459
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Interest portion of lease rentals........ 30 30 60 60 109 247 253
-- -- -- -- --- --- ---
Dividends on convertible preferred
securities.............................. 7,154 -- 4,691 -- -- -- --
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Preferred stock dividends of
subsidiaries, gross of tax.............. 1,339 -- -- -- -- -- --
----- -- -- -- -- -- --
Total fixed charges...................... 150,789 71,534 170,851 134,897 62,946 30,452 20,712
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Earnings before income
and fixed charges......................... $251,124 $100,877 $274,108 $200,850 109,586 85,536 86,242
-------- -------- -------- -------- ------- ------ ------
Ratio of earnings to fixed charges........... 1.665 1.410 1.606 1.492 1,741 2.809 3.198
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