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<PAGE>
EXHIBIT 12.1
EDISON MISSION HOLDINGS CO.
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
THREE MONTHS
YEAR ENDED ENDED
DECEMBER 31, MARCH 31,
1999 2000
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(IN THOUSANDS)
<S> <C> <C>
EARNINGS:
Income before taxes and extraordinary item.................. $ 53,735 $ 9,534
Adjustments:
Fixed charges, as below................................... 55,433 20,370
Interest capitalized...................................... (1,779) (1,480)
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Earnings as adjusted........................................ $107,389 $28,424
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FIXED CHARGES:
Interest on indebtedness (expense and capitalized).......... $ 55,433 $20,370
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Ratio of Earnings to Fixed Charges.......................... 1.94 1.40
======== =======
</TABLE>
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