EXHIBIT 12.1 MIDAMERICAN FUNDING, LLC COMPUTATION OF PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) (UNAUDITED) PRO FORMA ---------------------------------------- YEAR ENDED NINE MONTHS ENDED DEC. 31, 1998 SEPT. 30, 1999 ------------- ----------------- Income from continuing operations $ 74,632 $130,534 Pre-tax (gain) loss of less than 50% owned persons (720) (365) --------- -------- 73,912 130,169 --------- -------- Add (Deduct): Total income taxes 63,707 98,535 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 --------- -------- 211,928 205,037 --------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES 285,840 335,206 --------- -------- 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 1.8005 1.7340 --------- -------- Preferred stock dividend requirements before income tax 8,916 6,443 --------- -------- FIXED CHARGES $ 152,185 $109,229 --------- -------- RATIO OF EARNINGS TO FIXED CHARGES 1.9 3.1 ========= ========