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