EXHIBIT 12.1 SALTON SEA FUNDING CORPORATION RATIO OF EARNINGS TO FIXED CHARGES (AMOUNTS IN THOUSANDS, EXCEPT RATIO) FROM JUNE 20, 1995 (INCEPTION THREE MONTHS DATE) ENDED YEAR ENDED DECEMBER 31, THROUGH MARCH 31, DECEMBER 31, ---------------------------- ----------------- 1998 1997 1996 1995 1999 1998 -------- -------- -------- -------------- -------- -------- Pre-tax income from continuing operations 3,030 2,483 3,094 2,555 293 654 Undistributed earnings of less than 50% subsidiaries (980) (851) (656) (271) (116) (161) -------- -------- -------- -------------- -------- ------- 2,050 1,632 2,438 2,284 177 493 Fixed charges: Interest expense and amortization of deferred finance charges on all indebtedness 35,495 37,443 36,761 15,022 11,737 8,259 -------- -------- -------- -------------- -------- ------- Total fixed charges 35,495 37,443 36,761 15,022 11,737 8,259 Earnings before income taxes and fixed charges 37,545 39,075 39,199 17,306 11,914 8,752 Ratio of earnings to fixed charges 1.058 1.044 1.066 1.152 1.015 1.060