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Filing tables
Filing exhibits
- 10-K Annual report
- 12.1 Computation of Ratio of Earnings to Fixed Charges
- 21.1 Subsidiaries of the Company
- 23.1 Consent of Pricewaterhousecoopers
- 31.1 Section 302 Certification of CEO
- 31.2 Section 302 Certification of CFO
- 32.1 Certification of Chief Executive Officer and Chief Financial Officer
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EXHIBIT 12.1
CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
| Years Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Income (loss) before income taxes | $ | 983 | $ | 20 | $ | 218 | $ | (211 | ) | $ | (230 | ) | ||||||||
| Less: | ||||||||||||||||||||
| Income from unconsolidated investments in power plants | (25 | ) | (30 | ) | (28 | ) | (21 | ) | (16 | ) | ||||||||||
| Interest capitalized | (19 | ) | (38 | ) | (38 | ) | (24 | ) | (15 | ) | ||||||||||
| Preferred securities dividend requirements of subsidiaries | — | (1 | ) | (1 | ) | (2 | ) | (3 | ) | |||||||||||
| Add: | ||||||||||||||||||||
| Fixed charges | 678 | 749 | 791 | 807 | 858 | |||||||||||||||
| Amortization of capitalized interest | 29 | 30 | 30 | 31 | 31 | |||||||||||||||
| Distributions from equity method investments | 13 | 27 | 29 | 6 | 11 | |||||||||||||||
| Total Earnings: | $ | 1,659 | $ | 757 | $ | 1,001 | $ | 586 | $ | 636 | ||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest expense | $ | 645 | $ | 696 | $ | 736 | $ | 760 | $ | 813 | ||||||||||
| Interest capitalized | 19 | 38 | 38 | 24 | 15 | |||||||||||||||
| Approximation of interest in rental expense | 14 | 15 | 17 | 23 | 30 | |||||||||||||||
| Total Fixed Charges: | $ | 678 | $ | 749 | $ | 791 | $ | 807 | $ | 858 | ||||||||||
Ratio of Earnings to Fixed Charges(1): | 2.45 | 1.01 | 1.27 | 0.73 | 0.74 | |||||||||||||||
___________
| (1) | The coverage ratio is less than one-to-one for the years ended December 31, 2011 and 2010; thus, additional earnings of $221 million and $222 million, respectively, would have needed to be generated to cover the shortfall. |