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,
----------------------- -------------------------------------------------------------
1998 1997 1997(1) 1996 1995 1994 1993
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Pre-tax income from
continuing operations ............ $ 120,467 $ 124,682 $ 196,860 $ 140,404 $ 97,051 $ 55,836 $ 61,258
Dividends on convertible preferred
securities ....................... (17,981) (7,154) (23,158) (4,691) -- -- --
Loss on equity investment in
unconsolidated subsidiary ........ -- 3,957 5,972 5,221 362 -- --
Capitalized interest,
net of amortization .............. (25,850) (21,150) (40,956) (37,476) (31,160) (9,196) (6,174)
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76,636 100,335 138,718 103,458 66,253 46,640 55,084
Fixed Charges:
Interest expense and
amortization of deferred
finance charges on all
indebtedness .................. 188,206 142,266 296,364 165,900 134,637 62,837 30,205
Interest portion of lease
rentals ....................... 878 1,508 3,015 60 60 109 247
Dividends on convertible
preferred securities .......... 17,981 7,154 23,158 4,691 -- -- --
Preferred stock dividends of
subsidiaries, gross of tax .... 3,675 1,339 5,167 -- -- -- --
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Total fixed charges ............. 210,740 152,267 327,704 170,651 134,697 62,946 30,452
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Earnings before income
and fixed charges ................ $ 287,376 $ 252,602 $ 466,422 $ 274,109 $ 200,950 $ 109,586 $ 85,536
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Ratio of earnings to fixed charges .. 1.364 1.659 1.423 1.606 1.492 1.741 2.809
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(1) The ratio of earnings to fixed charges for the year ended December 31,
1997 was impacted by the $87 million non-recurring asset impairment charge
related to the Company's assets in Indonesia. Without this charge, the
ratio of earnings to fixed charges would have been 1.7.