Exhibit 12.1 CALIFORNIA WATER SERVICE GROUP COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
In thousands, except ratios Year ended December 31 12 mo ended --------------------------------------------------------------- March 31, 2003 2002 2001 2000 1999 1998 ------------------- --------------------------------------------------------------- EARNINGS (1): Income before income tax expense $ 27,113 $ 31,641 $ 24,693 $ 31,534 $ 35,486 $ 31,285 Fixed charges expensed and capitalized 19,202 18,649 17,214 15,680 14,798 14,095 Capitalized interest (1,323) (1,473) (858) (703) (324) (224) Preferred dividend requirements (255) (255) (255) (255) (255) (255) -------------------------------------------------------------------------------------- $ 44,737 $ 48,562 $ 40,794 $ 46,256 $ 49,705 $ 44,901 ====================================================================================== Fixed charges: Interest expensed and capitalized, and amortization of capitalized expenses related to indebtedness $ 18,863 $ 18,314 $ 16,887 $ 15,349 $ 14,489 $ 13,791 Estimated interest component of rent expense 84 80 72 76 54 49 -------------------------------------------------------------------------------------- $ 18,947 $ 18,394 $ 16,959 $ 15,425 $ 14,543 $ 13,840 ====================================================================================== Ratio of earnings to fixed charges 2.36 2.64 2.41 3.00 3.42 3.24 ======================================================================================
(1) As defined by Item 503(d) of Regulation S-K. (2) The business is seasonal, therefore the information for the 3 month period ended March 31, 2003 is not indicative of the results of the entire year and therefore is not presented.