EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
JUNE 30, 1997 DECEMBER 31, 1996
----------------------------------- ---------------------------------
Supplemental (a) Supplemental (a)
---------------------- ----------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- --------- ---------- ---------
Income from continuing operations ........................ $128,607 -- $128,607 $143,761 -- $143,761
Pre-tax (gain) loss of less than 50% owned persons ....... 1,898 -- 1,898 (698) -- (698)
-------- ----- -------- -------- ----- --------
130,505 -- 130,505 143,063 -- 143,063
Add (Deduct):
Total income taxes ....................................... 81,126 -- 81,126 98,422 -- 98,422
Interest on long-term debt ............................... 97,496 3,545 101,041 102,909 3,615 106,524
Other interest charges ................................... 10,666 -- 10,666 10,941 -- 10,941
Preferred stock dividends of subsidiary .................. 9,750 -- 9,750 10,401 -- 10,401
Preferred stock dividends of subsidiary trust ............ 4,278 -- 4,278 288 -- 288
Interest on leases ....................................... 307 -- 307 375 -- 375
-------- ----- -------- -------- ----- --------
203,623 3,545 207,168 223,336 3,615 226,951
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 334,128 3,545 337,673 366,399 3,615 370,014
-------- ----- -------- -------- -------- --------
Fixed Charges:
Interest on long-term debt ............................... 97,496 3,545 101,041 102,909 3,615 106,524
Other interest charges ................................... 10,666 -- 10,666 10,941 -- 10,941
Preferred stock dividends of subsidiary trust ............ 4,278 -- 4,278 288 -- 288
Interest on leases ....................................... 307 -- 307 375 -- 375
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 112,747 3,545 116,292 114,513 3,615 118,128
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 2.96 -- 2.90 3.20 -- 3.13
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 9,750 -- $ 9,750 $ 10,401 -- $ 10,401
Ratio of net income before income taxes to net income .... 1.5864 -- 1.5864 1.6384 -- 1.6384
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 15,467 -- 15,467 17,041 -- 17,041
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 128,214 3,545 131,759 131,554 3,615 135,169
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 2.61 -- 2.56 2.79 -- 2.74
======== ===== ======== ======== ===== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public Power
District under a long-term purchase agreement for one-half of the plant
capacity from Cooper Nuclear Station.
-1-
EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
----------------------------------- ---------------------------------
Supplemental (a) Supplemental (a)
---------------------- ----------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- --------- ---------- ---------
Income from continuing operations ........................ $119,705 -- $119,705 $123,098 -- $123,098
Pre-tax (gain) loss of less than
50% owned persons ........................................ 9,079 -- 9,079 (270) -- (270)
-------- ----- -------- -------- ----- --------
128,784 -- 128,784 122,828 -- 122,828
Add (Deduct):
Total income taxes ....................................... 66,803 -- 66,803 60,457 -- 60,457
Interest on long-term debt ............................... 105,550 4,595 110,145 101,267 5,428 106,695
Other interest charges ................................... 9,449 -- 9,449 6,446 -- 6,446
Preferred stock dividends of subsidiary .................. 8,059 -- 8,059 10,551 -- 10,551
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,088 -- 1,088 1,211 -- 1,211
-------- ----- -------- -------- ----- --------
190,949 4,595 195,544 179,932 5,428 185,360
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 319,733 4,595 324,328 302,760 5,428 308,188
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ............................... 105,550 4,595 110,145 101,267 5,428 106,695
Other interest charges ................................... 9,449 -- 9,449 6,446 -- 6,446
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,088 -- 1,088 1,211 -- 1,211
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 116,087 4,595 120,682 108,924 5,428 114,352
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 2.75 -- 2.69 2.78 -- 2.70
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 8,059 -- $ 8,059 $ 10,551 -- $ 10,551
Ratio of net income before income taxes to net income .... 1.5229 -- 1.5229 1.4524 -- 1.4524
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 12,273 -- 12,273 15,324 -- 15,324
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 128,360 4,595 132,955 124,248 5,428 129,676
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 2.49 -- 2.44 2.44 -- 2.38
======== ===== ======== ======== ===== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public Power
District under a long-term purchase agreement for one-half of the plant
capacity from Cooper Nuclear Station.
-2-
EXHIBIT 12.1
MIDAMERICAN ENERGY HOLDINGS COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
(UNAUDITED)
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, 1993 DECEMBER 31, 1992
----------------------------------- ---------------------------------
Supplemental (a) Supplemental (a)
---------------------- ----------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- --------- ---------- ---------
Income from continuing operations ........................ $134,325 -- $134,325 $ 75,045 -- $ 75,045
Pre-tax (gain) loss of less than
50% owned persons ........................................ (597) -- (597) (1,297) -- (1,297)
-------- ----- -------- -------- ----- --------
133,728 -- 133,728 73,748 -- 73,748
Add (Deduct):
Total income taxes ....................................... 67,485 -- 67,485 24,566 -- 24,566
Interest on long-term debt ............................... 107,044 5,678 112,722 114,732 7,391 122,123
Other interest charges ................................... 5,066 -- 5,066 5,899 -- 5,899
Preferred stock dividends of subsidiary .................. 8,367 -- 8,367 8,735 -- 8,735
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,876 -- 1,876 2,386 -- 2,386
-------- ----- -------- -------- ----- --------
189,838 5,678 195,516 156,318 7,391 163,709
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 323,566 5,678 329,244 230,066 7,391 237,457
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ............................... 107,044 5,678 112,722 114,732 7,391 122,123
Other interest charges ................................... 5,066 -- 5,066 5,899 -- 5,899
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,876 -- 1,876 2,386 -- 2,386
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 113,986 5,678 119,664 123,017 7,391 130,408
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 2.84 -- 2.75 1.87 -- 1.82
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 8,367 -- $ 8,367 $ 8,735 -- $ 8,735
Ratio of net income before income taxes to net income .... 1.4729 -- 1.4729 1.2932 -- 1.2932
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 12,324 -- 12,324 11,296 -- 11,296
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 126,310 5,678 131,988 134,313 7,391 141,704
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 2.56 -- 2.49 1.71 -- 1.68
======== ===== ======== ======== ===== ========
Note: (a) Amounts in the supplemental columns are to reflect the Company's
portion of the net interest component of payments to Nebraska Public Power
District under a long-term purchase agreement for one-half of the plant
capacity from Cooper Nuclear Station.
-3-