Attached files
| file | filename |
|---|---|
| 10-K - CALPINE 10-K FOR YEAR-ENDED DECEMBER 31, 2015 - CALPINE CORP | cpn_10kx12312015.htm |
| EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - CALPINE CORP | cpn_exhibit321x12312015.htm |
| EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS - CALPINE CORP | cpn_exhibit231x12312015.htm |
| EX-31.2 - SECTION 302 CERTIFICATION OF CFO - CALPINE CORP | cpn_exhibit312x12312015.htm |
| EX-21.1 - SUBSIDIARIES OF THE COMPANY - CALPINE CORP | cpn_exhibit211x12312015.htm |
| EX-31.1 - SECTION 302 CERTIFICATION OF CEO - CALPINE CORP | cpn_exhibit311x12312015.htm |
| EX-10.1.19 - AMENDMENT NO. 3 TO THE CREDIT AGREEMENT, DATED AS OF FEBRUARY 8, 2016 - CALPINE CORP | cpn_exhibit10119-calpiner.htm |
EXHIBIT 12.1
CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) before income taxes | $ | 173 | $ | 983 | $ | 20 | $ | 218 | $ | (211 | ) | |||||||||
Less: | ||||||||||||||||||||
Income from unconsolidated investments in power plants | (24 | ) | (25 | ) | (30 | ) | (28 | ) | (21 | ) | ||||||||||
Interest capitalized | (15 | ) | (19 | ) | (38 | ) | (38 | ) | (24 | ) | ||||||||||
Preferred securities dividend requirements of subsidiaries | — | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 654 | 678 | 749 | 791 | 807 | |||||||||||||||
Amortization of capitalized interest | 27 | 29 | 30 | 30 | 31 | |||||||||||||||
Distributions from equity method investments | 25 | 13 | 27 | 29 | 6 | |||||||||||||||
Total Earnings: | $ | 840 | $ | 1,659 | $ | 757 | $ | 1,001 | $ | 586 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 628 | $ | 645 | $ | 696 | $ | 736 | $ | 760 | ||||||||||
Interest capitalized | 15 | 19 | 38 | 38 | 24 | |||||||||||||||
Approximation of interest in rental expense | 11 | 14 | 15 | 17 | 23 | |||||||||||||||
Total Fixed Charges: | $ | 654 | $ | 678 | $ | 749 | $ | 791 | $ | 807 | ||||||||||
Ratio of Earnings to Fixed Charges(1): | 1.28 | 2.45 | 1.01 | 1.27 | 0.73 | |||||||||||||||
___________
(1) | The coverage ratio is less than one-to-one for the year ended December 31, 2011; thus, additional earnings of $221 million would have needed to be generated to cover the shortfall. |