EXHIBIT 12.1
MIDAMERICAN FUNDING, LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
(UNAUDITED)
MHC INC. (PREDECESSOR)
YEAR ENDED DECEMBER 31,
------------------------------------------------
1994 1995 1996 1997
Income from continuing operations $ 123,098 $ 119,705 $143,761 $139,332
Pre-tax (gain) loss of less than 50% owned persons (270) 9,079 (698) 2,234
--------- --------- -------- --------
122,828 128,784 143,063 141,566
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Add (Deduct):
Total income taxes 60,457 66,803 98,422 68,390
Interest on long-term debt 101,267 105,550 102,909 89,898
Other interest charges 6,446 9,449 10,941 10,034
Preferred stock dividends of subsidiary 10,551 8,059 10,401 6,488
Preferred stock dividends of subsidiary trust - - 288 7,980
Interest on leases 1,211 1,088 375 268
--------- --------- -------- --------
179,932 190,949 223,336 183,058
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EARNINGS AVAILABLE FOR FIXED CHARGES 302,760 319,733 366,399 324,624
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Fixed Charges:
Interest on long-term debt 101,267 105,550 102,909 89,898
Other interest charges 6,446 9,449 10,941 10,034
Preferred stock dividends of subsidiary trust - - 288 7,980
Interest on leases 1,211 1,088 375 268
--------- --------- -------- --------
Subtotal 108,924 116,087 114,513 108,180
--------- --------- -------- --------
Preferred stock dividends of subsidiary 10,551 8,059 10,401 6,488
Ratio of net income before income taxes to net income 1.4524 1.5229 1.6384 1.4690
--------- --------- -------- --------
Preferred stock dividend requirements before income tax 15,324 12,273 17,041 9,531
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FIXED CHARGES $ 124,248 $ 128,360 $131,554 $117,711
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RATIO OF EARNINGS TO FIXED CHARGES 2.4 2.5 2.8 2.8
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MIDAMERICAN
FUNDING
---------------------------------------- ------------
NINE MONTHS
ENDED JAN. 1 - MAR. 12 -
SEPT. 30, MAR. 11, SEPT. 30,
1998 1998 1999 1999
---- ---- ---- ----
$ 127,154 $ 107,105 $ 16,789 $ 108,628
(720) (1,052) (343) (22)
--------- --------- -------- ---------
126,434 106,053 16,446 108,606
--------- --------- -------- ---------
76,926 70,172 21,377 77,348
80,908 61,617 14,814 65,174
12,682 9,073 3,145 5,486
4,952 3,714 836 2,337
7,980 5,985 1,995 3,990
212 162 38 98
--------- --------- -------- ---------
183,660 150,723 42,205 154,433
--------- --------- -------- ---------
310,094 256,776 58,651 263,039
--------- --------- -------- ---------
80,908 61,617 14,814 65,174
12,682 9,073 3,145 5,486
7,980 5,985 1,995 3,990
212 162 38 98
--------- --------- -------- ---------
101,782 76,837 19,992 74,748
--------- --------- -------- ---------
4,952 3,714 836 2,337
1.5823 1.6332 2.2129 1.6970
--------- --------- -------- ---------
7,836 6,066 1,850 3,966
--------- --------- -------- ---------
$ 109,618 $ 82,903 $ 21,842 $ 78,714
--------- --------- -------- ---------
2.8 3.1 2.7 3.3
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EXHIBIT 12.1
MIDAMERICAN FUNDING, LLC
COMPUTATION OF PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
(UNAUDITED)
PRO FORMA
----------------------------------------
MIDAMERICAN MHC
FUNDING (PREDECESSOR)
------------- -----------------
YEAR ENDED NINE MONTHS ENDED
DEC. 31, 1998 SEPT. 30, 1999
------------- -----------------
Income from continuing operations $ 76,099 $130,628
Pre-tax (gain) loss of less than 50% owned persons (720) (365)
--------- --------
75,379 130,263
--------- --------
Add (Deduct):
Total income taxes 64,685 98,598
Interest on long-term debt 122,395 88,034
Other interest charges 12,682 8,631
Preferred stock dividends of subsidiary 4,952 3,716
Preferred stock dividends of subsidiary trust 7,980 5,985
Interest on leases 212 136
--------- --------
212,906 205,100
--------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES 288,285 335,363
--------- --------
Fixed Charges:
Interest on long-term debt 122,395 88,034
Other interest charges 12,682 8,631
Preferred stock dividends of subsidiary trust 7,980 5,985
Interest on leases 212 136
--------- --------
Subtotal 143,269 102,786
--------- --------
Preferred stock dividends of subsidiary 4,952 3,716
Ratio of net income before income taxes to net income 1.7981 1.7339
--------- --------
Preferred stock dividend requirements before income tax 8,904 6,443
--------- --------
FIXED CHARGES $ 152,173 $109,229
--------- --------
RATIO OF EARNINGS TO FIXED CHARGES 1.9 3.1
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