EX-12.1 12 a04-3202_1ex12d1.htm EX-12.1

Exhibit 12.1

 

NorthWestern Corporation
Computation of Ratio of Consolidated Earnings to Consolidated Fixed Charges

 

 

 

Year Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

(in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

(71,630

)

$

(49,167

)

$

(2,685

)

$

2,519

 

$

16,046

 

Add: Fixed charges as below

 

162,571

 

126,620

 

34,536

 

35,502

 

24,817

 

Less: Distributions on preferred securities of subsidiary trust

 

(14,945

)

(28,610

)

(6,827

)

(6,601

)

(6,601

)

Total

 

$

75,996

 

$

48,843

 

$

25,024

 

$

31,420

 

$

34,262

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

$

147,626

 

$

98,010

 

$

27,709

 

$

28,901

 

$

18,216

 

Distributions on redeemable preferred securities of subsidiary trust

 

14,945

 

28,610

 

6,827

 

6,601

 

6,601

 

Total

 

$

162,571

 

$

126,620

 

$

34,536

 

$

35,502

 

$

24,817

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

—

 

—

 

—

 

—

 

1.38

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to fixed charges deficit

 

(86,575

)

(77,777

)

(9,512

)

(4,082

)

9,445