Exhibit 12.1
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Actual: | ||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of affiliates | $ | 314 | $ | 2,211 | $ | 1,890 | $ | 2,193 | $ | 2,446 | ||||||||||
Fixed charges | 1,699 | 1,805 | 1,758 | 1,732 | 2,018 | |||||||||||||||
Amortization of capitalized interest | 45 | 27 | 18 | 12 | 10 | |||||||||||||||
Distributed income of equity investees | 5 | 25 | 14 | 68 | 183 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (111 | ) | (176 | ) | (188 | ) | (183 | ) | (172 | ) | ||||||||||
Preference security dividend of consolidated subsidiary | (6 | ) | (5 | ) | (5 | ) | (4 | ) | (4 | ) | ||||||||||
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges | (4 | ) | (8 | ) | (4 | ) | (9 | ) | — | |||||||||||
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Earnings | $ | 1,942 | $ | 3,879 | $ | 3,483 | $ | 3,809 | $ | 4,481 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense, debt premium and discount amortization | $ | 1,582 | $ | 1,624 | $ | 1,565 | $ | 1,545 | $ | 1,842 | ||||||||||
Capitalized interest | 111 | 176 | 188 | 183 | 172 | |||||||||||||||
Preference security dividend of consolidated subsidiary | 6 | 5 | 5 | 4 | 4 | |||||||||||||||
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Fixed charges | $ | 1,699 | $ | 1,805 | $ | 1,758 | $ | 1,732 | $ | 2,018 | ||||||||||
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Ratio of earnings to fixed charges | 1.14 | 2.15 | 1.98 | 2.20 | 2.22 | |||||||||||||||
