Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Atlantic Power Corporation
The following table sets forth the ratio of earnings to fixed charges for the periods indicated below in millions of U.S. dollars:
|
| Nine Months Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
Earnings (loss) from continuing operations before income taxes |
| $ | (92.5 | ) | $ | (128.5 | ) | $ | (114.5 | ) | $ | (184.6 | ) | $ | (56.4 | ) | $ | (144.1 | ) |
Income (loss) attributable to noncontrolling interest |
| (3.0 | ) | — |
| (11.0 | ) | (16.4 | ) | (3.4 | ) | (0.6 | ) | ||||||
Preferred dividends |
| 6.5 |
| 8.5 |
| 8.8 |
| 11.6 |
| 12.6 |
| 13.1 |
| ||||||
Distributions from equity investments |
| 30.9 |
| 55.3 |
| 58.5 |
| 76.2 |
| 40.9 |
| 38.4 |
| ||||||
Interest capitalized |
| — |
| — |
| — |
| — |
| 1.9 |
| 17.0 |
| ||||||
Fixed charges (from below) |
| 62.6 |
| 123.7 |
| 124.1 |
| 176.0 |
| 138.5 |
| 135.8 |
| ||||||
|
| $ | (2.5 | ) | $ | 42.0 |
| $ | 70.3 |
| $ | 72.4 |
| $ | 111.9 |
| $ | 0.6 |
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Project level interest |
| $ | 6.6 |
| $ | 9.2 |
| $ | 8.2 |
| $ | 17.7 |
| $ | 19.9 |
| $ | 16.4 |
|
Corporate level interest |
| 49.5 |
| 106.0 |
| 107.1 |
| 146.7 |
| 104.1 |
| 89.3 |
| ||||||
Interest capitalized |
| — |
| — |
| — |
| — |
| 1.9 |
| 17.0 |
| ||||||
Preferred dividends |
| 6.5 |
| 8.5 |
| 8.8 |
| 11.6 |
| 12.6 |
| 13.1 |
| ||||||
|
| 62.6 |
| 123.7 |
| 124.1 |
| 176.0 |
| 138.5 |
| 135.8 |
| ||||||
Ratio of earnings |
| 0.0 |
| 0.3 |
| 0.6 |
| 0.4 |
| 0.8 |
| 0.0 |
| ||||||
Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For these purposes, “earnings” is the amount resulting from adding together earnings (loss) from continuing operations before taxes, fixed charges and distributions from equity investments and subtracting income (loss) attributable to noncontrolling interests, preferred dividends and capitalized interest. “Fixed charges” is the amount resulting from adding together project level interest (including interest capitalized), corporate level interest expenses and preferred dividends.
