Attached files
| file | filename |
|---|---|
| EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - CALPINE CORP | cpn_exhibit321x12312017.htm |
| 10-K - CALPINE 10-K FOR YEAR-ENDED DECEMBER 31, 2017 - CALPINE CORP | cpn_10kx12312017.htm |
| EX-31.2 - SECTION 302 CERTIFICATION OF CFO - CALPINE CORP | cpn_exhibit312x12312017.htm |
| EX-31.1 - SECTION 302 CERTIFICATION OF CEO - CALPINE CORP | cpn_exhibit311x12312017.htm |
| EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - CALPINE CORP | cpn_exhibit231x12312017.htm |
| EX-21.1 - SUBSIDIARIES OF THE COMPANY - CALPINE CORP | cpn_exhibit211x12312017.htm |
| EX-10.2.3.3 - LETTER AGREEMENT BETWEEN COMPANY AND W. THAD MILLER - CALPINE CORP | cpn_exhibit10233xmillerlet.htm |
EXHIBIT 12.1
CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) before income taxes | $ | (313 | ) | $ | 159 | $ | 173 | $ | 983 | $ | 20 | |||||||||
Less: | ||||||||||||||||||||
Income from unconsolidated investments in power plants | (22 | ) | (24 | ) | (24 | ) | (25 | ) | (30 | ) | ||||||||||
Interest capitalized | (26 | ) | (21 | ) | (15 | ) | (19 | ) | (38 | ) | ||||||||||
Preferred securities dividend requirements of subsidiaries | — | — | — | — | (1 | ) | ||||||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 656 | 662 | 654 | 678 | 749 | |||||||||||||||
Amortization of capitalized interest | 28 | 28 | 27 | 29 | 30 | |||||||||||||||
Distributions from equity method investments | 28 | 21 | 25 | 13 | 27 | |||||||||||||||
Total Earnings: | $ | 351 | $ | 825 | $ | 840 | $ | 1,659 | $ | 757 | ||||||||||
Fixed Charges (1): | ||||||||||||||||||||
Interest expense | $ | 621 | $ | 631 | $ | 628 | $ | 645 | $ | 696 | ||||||||||
Interest capitalized | 26 | 21 | 15 | 19 | 38 | |||||||||||||||
Approximation of interest in rental expense | 9 | 10 | 11 | 14 | 15 | |||||||||||||||
Total Fixed Charges: | $ | 656 | $ | 662 | $ | 654 | $ | 678 | $ | 749 | ||||||||||
Ratio of Earnings to Fixed Charges(2): | 0.54 | 1.25 | 1.28 | 2.45 | 1.01 | |||||||||||||||
____________
(1) | Fixed charges include the portion of rental expense that management believes is representative of the interest component. |
(2) | The coverage ratio is less than one-to-one for the year ended December 31, 2017; thus, additional earnings of $305 million would have needed to be generated to cover the shortfall. |