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
SEPTEMBER 30,1998 DECEMBER 31,1997
-------------------------------- --------------------------------
Supplemental (a) Supplemental (a)
--------------------- ---------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ......................... $119,743 $ - $119,743 $125,941 $ - $125,941
-------- ------ -------- -------- ------ --------
Add (Deduct):
Total income taxes ........................................ 76,255 - 76,255 76,317 - 76,317
Interest on long-term debt ................................ 73,677 3,171 76,848 78,120 3,760 81,880
Other interest charges .................................... 12,066 - 12,066 10,027 - 10,027
Preferred stock dividends of subsidiary trust.............. 7,980 - 7,980 7,980 - 7,980
Interest on leases ........................................ 222 - 222 268 - 268
-------- ------ -------- -------- ------ --------
170,200 3,171 173,371 172,712 3,760 176,472
-------- ------ -------- -------- ------ --------
Earnings available for fixed charges .................... 289,943 3,171 293,114 298,653 3,760 302,413
-------- ------ -------- -------- ------ --------
Fixed Charges:
Interest on long-term debt ................................ 73,677 3,171 76,848 78,120 3,760 81,880
Other interest charges .................................... 12,066 - 12,066 10,027 - 10,027
Preferred stock dividends of subsidiary trust.............. 7,980 - 7,980 7,980 - 7,980
Interest on leases ........................................ 222 - 222 268 - 268
-------- ------ -------- -------- ------ --------
Total fixed charges...................................... 93,945 3,171 97,116 96,395 3,760 100,155
-------- ------ -------- -------- ------ --------
Ratio of earnings to fixed charges ........................ 3.09 - 3.02 3.10 - 3.02
======== ====== ======== ======== ====== ========
Preferred stock dividends ................................. $ 4,953 $ - $ 4,953 $ 6,488 $ - $ 6,488
Ratio of net income before income taxes to net income ..... 1.6368 - 1.6368 1.6060 - 1.6060
-------- ------ -------- -------- ------ --------
Preferred stock dividend requirements before income tax ... 8,107 - 8,107 10,420 - 10,420
-------- ------ -------- -------- ------ --------
Fixed charges plus preferred stock dividend requirements .. 102,052 3,171 105,223 106,815 3,760 110,575
-------- ------ -------- -------- ------ --------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ............ 2.84 - 2.79 2.80 - 2.73
======== ====== ======== ======== ====== ========
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 12.2
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 31,1996 DECEMBER 31,1995
------------------------------ --------------------------------
Supplemental (a) Supplemental (a)
-------------------- ---------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations ........................... $165,132 $ - $165,132 $132,489 $ - $132,489
-------- ------ -------- -------- ------ --------
Add (Deduct):
Total income taxes .......................................... 112,927 - 112,927 84,098 - 84,098
Interest on long-term debt .................................. 79,434 3,615 83,049 80,133 4,595 84,728
Other interest charges ...................................... 10,842 - 10,842 9,396 - 9,396
Preferred stock dividends of subsidiary trust................ 288 - 288 - - -
Interest on leases .......................................... 375 - 375 1,088 - 1,088
-------- ------ -------- -------- ------ -------
203,866 3,615 207,481 174,715 4,595 179,310
-------- ------ -------- -------- ------ -------
Earnings available for fixed charges ...................... 368,998 3,615 372,613 307,204 4,595 311,799
-------- ------ -------- -------- ------ -------
Fixed Charges:
Interest on long-term debt .................................. 79,434 3,615 83,049 80,133 4,595 84,728
Other interest charges ...................................... 10,842 - 10,842 9,396 - 9,396
Preferred stock dividends of subsidiary trust................ 288 - 288 - - -
Interest on leases .......................................... 375 - 375 1,088 - 1,088
-------- ------ -------- -------- ------ -------
Total fixed charges 90,939 3,615 94,554 90,617 4,595 95,212
-------- ------ ------- -------- ------ --------
Ratio of earnings to fixed charges .......................... 4.06 - 3.94 3.39 - 3.27
======== ====== ======== ======== ====== =======
Preferred stock dividends ................................... $ 10,401 $ - $ 10,401 $ 8,059 $ - $ 8,059
Ratio of net income before income taxes to net income ....... 1.6839 - 1.6839 1.6348 - 1.6348
-------- ------ -------- -------- ------ -------
Preferred stock dividend requirements before income tax ..... 17,514 - 17,514 13,175 - 13,175
-------- ------ -------- -------- ------ -------
Fixed charges plus preferred stock dividend requirements .... 108,453 3,615 112,068 103,792 4,595 108,387
-------- ------ -------- -------- ------ -------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) .............. 3.40 - 3.32 2.96 - 2.88
======== ====== ======== ======== ====== =======
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 31,1994 DECEMBER 31,1993
------------------------------ --------------------------------
Supplemental (a) Supplemental (a)
-------------------- ---------------------
As As
Adjustment Adjusted Adjustment Adjusted
---------- -------- ---------- --------
Income from continuing operations .......................... $121,145 $ - $121,145 $133,888 $ - $133,888
-------- ------ -------- -------- ------ --------
Add (Deduct):
Total income taxes ......................................... 66,759 - 66,759 75,917 - 75,917
Interest on long-term debt ................................. 73,922 5,428 79,350 80,642 5,678 86,320
Other interest charges ..................................... 6,639 - 6,639 5,068 - 5,068
Preferred stock dividends of subsidiary trust............... - - - - - -
Interest on leases ......................................... 1,211 - 1,211 1,876 - 1,876
-------- ------ -------- -------- ------ -------
148,531 5,428 153,959 163,503 5,678 169,181
-------- ------ -------- -------- ------ -------
Earnings available for fixed charges ..................... 269,676 5,428 275,104 297,391 5,678 303,069
-------- ------ -------- -------- ------ -------
Fixed Charges:
Interest on long-term debt ................................. 73,922 5,428 79,350 80,642 5,678 86,320
Other interest charges ..................................... 6,639 - 6,639 5,068 - 5,068
Preferred stock dividends of subsidiary trust............... - - - - - -
Interest on leases ......................................... 1,211 - 1,211 1,876 - 1,876
-------- ------ -------- -------- ------ -------
Total fixed charges 81,772 5,428 87,200 87,586 5,678 93,264
-------- ------ -------- -------- ------ -------
Ratio of earnings to fixed charges ......................... 3.30 - 3.15 3.40 - 3.25
======== ====== ======== ======== ====== =======
Preferred stock dividends .................................. $ 10,551 $ - $ 10,551 $ 8,367 $ - $ 8,367
Ratio of net income before income taxes to net income ...... 1.5511 - 1.5511 1.5670 - 1.5670
-------- ------ -------- -------- ------ -------
Preferred stock dividend requirements before income tax .... 16,366 - 16,366 13,111 - 13,111
-------- ------ -------- -------- ------ -------
Fixed charges plus preferred stock dividend requirements ... 98,138 5,428 103,566 100,697 5,678 106,375
-------- ------ -------- -------- ------ -------
Ratio of earnings to fixed charges plus preferred stock
dividend requirements (pre-income tax basis) ............. 2.75 - 2.66 2.95 - 2.85
======== ====== ======== ======== ====== =======
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-