EXHIBIT 12.2
MIDAMERICAN ENERGY 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 ........................ $147,913 -- $147,913 $165,132 -- $165,132
Add (Deduct):
Total income taxes ....................................... 97,843 -- 97,843 112,927 -- 112,927
Interest on long-term debt ............................... 78,884 3,545 82,429 79,434 3,615 83,049
Other interest charges ................................... 10,654 -- 10,654 10,842 -- 10,842
Preferred stock dividends of subsidiary trust ............ 4,278 -- 4,278 288 -- 288
Interest on leases ....................................... 307 -- 307 375 -- 375
-------- ----- -------- -------- ----- --------
191,966 3,545 195,511 203,866 3,615 207,481
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 339,879 3,545 343,424 368,998 3,615 372,613
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ............................... 78,884 3,545 82,429 79,434 3,615 83,049
Other interest charges ................................... 10,654 -- 10,654 10,842 -- 10,842
Preferred stock dividends of subsidiary trust ............ 4,278 -- 4,278 288 -- 288
Interest on leases ....................................... 307 -- 307 375 -- 375
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 94,123 3,545 97,668 90,939 3,615 94,554
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 3.61 -- 3.52 4.06 -- 3.94
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 9,750 -- $ 9,750 $ 10,401 -- $ 10,401
Ratio of net income before income taxes to net income .... 1.6615 -- 1.6615 1.6839 -- 1.6839
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 16,200 -- 16,200 17,514 -- 17,514
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 110,323 3,545 113,868 108,453 3,615 112,068
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 3.08 -- 3.02 3.40 -- 3.32
======== ===== ======== ======== ===== ========
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.
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EXHIBIT 12.2
MIDAMERICAN ENERGY 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 ........................ $132,489 -- $132,489 $121,145 -- $121,145
Add (Deduct):
Total income taxes ....................................... 84,098 -- 84,098 66,759 -- 66,759
Interest on long-term debt ............................... 80,133 4,595 84,728 73,922 5,428 79,350
Other interest charges ................................... 9,396 -- 9,396 6,639 -- 6,639
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,088 -- 1,088 1,211 -- 1,211
-------- ----- -------- -------- ----- --------
174,715 4,595 179,310 148,531 5,428 153,959
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 307,204 4,595 311,799 269,676 5,428 275,104
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ............................... 80,133 4,595 84,728 73,922 5,428 79,350
Other interest charges ................................... 9,396 -- 9,396 6,639 -- 6,639
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,088 -- 1,088 1,211 -- 1,211
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 90,617 4,595 95,212 81,772 5,428 87,200
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 3.39 -- 3.27 3.30 -- 3.15
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 8,059 -- $ 8,059 $ 10,551 -- $ 10,551
Ratio of net income before income taxes to net income .... 1.6348 -- 1.6348 1.5511 -- 1.5511
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 13,175 -- 13,175 16,366 -- 16,366
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 103,792 4,595 108,387 98,138 5,428 103,566
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 2.96 -- 2.88 2.75 -- 2.66
======== ===== ======== ======== ===== ========
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 12.2
MIDAMERICAN ENERGY 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 ........................ $133,888 -- $133,888 $ 86,713 -- $ 86,713
Add (Deduct):
Total income taxes ....................................... 75,917 -- 75,917 39,144 -- 39,144
Interest on long-term debt ............................... 80,642 5,678 86,320 87,233 7,391 94,624
Other interest charges ................................... 5,068 -- 5,068 4,373 -- 4,373
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,876 -- 1,876 2,386 -- 2,386
-------- ----- -------- -------- ----- --------
163,503 5,678 169,181 133,136 7,391 140,527
-------- ----- -------- -------- ----- --------
Earnings available for fixed charges ................... 297,391 5,678 303,069 219,849 7,391 227,240
-------- ----- -------- -------- ----- --------
Fixed Charges:
Interest on long-term debt ............................... 80,642 5,678 86,320 87,233 7,391 94,624
Other interest charges ................................... 5,068 -- 5,068 4,373 -- 4,373
Preferred stock dividends of subsidiary trust ............ -- -- -- -- -- --
Interest on leases ....................................... 1,876 -- 1,876 2,386 -- 2,386
-------- ----- -------- -------- ----- --------
Total fixed charges .................................... 87,586 5,678 93,264 93,992 7,391 101,383
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges ....................... 3.40 -- 3.25 2.34 -- 2.24
======== ===== ======== ======== ===== ========
Preferred stock dividends of subsidiary .................. $ 8,367 -- $ 8,367 $ 8,735 -- $ 8,735
Ratio of net income before income taxes to net income .... 1.5670 -- 1.5670 1.4514 -- 1.4514
-------- ----- -------- -------- ----- --------
Preferred stock dividend requirements before income tax .. 13,111 -- 13,111 12,678 -- 12,678
-------- ----- -------- -------- ----- --------
Fixed charges plus preferred stock dividend requirements . 100,697 5,678 106,375 106,670 7,391 114,061
-------- ----- -------- -------- ----- --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ........... 2.95 -- 2.85 2.06 -- 1.99
======== ===== ======== ======== ===== ========
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-