Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CALPINE CORP | d861909d8k.htm |
| EX-5.1 - EX-5.1 - CALPINE CORP | d861909dex51.htm |
| EX-1.1 - EX-1.1 - CALPINE CORP | d861909dex11.htm |
| EX-4.2 - EX-4.2 - CALPINE CORP | d861909dex42.htm |
| EX-99.1 - EX-99.1 - CALPINE CORP | d861909dex991.htm |
Exhibit 12.1
CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
| Years Ended December 31, | Nine Months Ended September 30, |
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| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
| Earnings |
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| Income (loss) before income taxes |
125 | (230 | ) | (211 | ) | 218 | 20 | 752 | ||||||||||||||||
| Less: |
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| Income from unconsolidated investments in power plants |
(50 | ) | (16 | ) | (21 | ) | (28 | ) | (30 | ) | (18 | ) | ||||||||||||
| Interest capitalized |
(8 | ) | (15 | ) | (24 | ) | (38 | ) | (38 | ) | (15 | ) | ||||||||||||
| Preferred securities dividend requirements of subsidiaries |
(4 | ) | (3 | ) | (2 | ) | (1 | ) | (1 | ) | — | |||||||||||||
| Add: |
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| Fixed charges |
854 | 858 | 807 | 791 | 749 | 516 | ||||||||||||||||||
| Amortization of capitalized interest |
31 | 31 | 31 | 30 | 30 | 22 | ||||||||||||||||||
| Distributions from equity method investments |
20 | 11 | 6 | 29 | 27 | 13 | ||||||||||||||||||
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| Total Earnings: |
968 | 636 | 586 | 1,001 | 757 | 1,270 | ||||||||||||||||||
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| Fixed Charges: |
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| Interest expense |
815 | 813 | 760 | 736 | 696 | 491 | ||||||||||||||||||
| Interest capitalized |
8 | 15 | 24 | 38 | 38 | 15 | ||||||||||||||||||
| Approximation of interest in rental expense |
31 | 30 | 23 | 17 | 15 | 10 | ||||||||||||||||||
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| Total Fixed Charges: |
854 | 858 | 807 | 791 | 749 | 516 | ||||||||||||||||||
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| Ratio of Earnings to Fixed Charges(1): |
1.13 | 0.74 | 0.73 | 1.27 | 1.01 | 2.46 | ||||||||||||||||||
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| (1) | The coverage ratio is less than one-to-one for the years ended December 31, 2010 and 2011; thus, additional earnings of $222 million and $221 million, respectively, would have needed to be generated to cover the shortfall. |