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EXHIBIT 12.1
CALPINE CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
YTD 2004
YEAR ENDED DECEMBER 31,
2000 2001 2002 2003 2004
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COMPUTATION OF EARNINGS: (IN THOUSANDS)
Pretax income (loss) before adjustment for
minority interest in consolidated
subsidiaries and income or loss from
equity investees .......................... 486,841 799,707 23,722 46,131 (669,115)
Fixed Charges ............................. 351,576 785,279 1,077,762 1,234,857 1,552,155
Amortization of capitalized interest ...... 447 1,382 10,693 19,539 27,121
Distributed income of equity investees .... 29,979 5,983 14,117 141,627 29,869
Interest capitalized ...................... (206,973) (498,723) (575,446) (444,584) (376,058)
Distribution of HIGH TIDES ................ (45,076) (62,412) (62,632) (46,610) --
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Total Earnings ............................ 616,794 1,031,216 488,216 950,960 563,972
COMPUTATION OF FIXED CHARGES:
Interest expensed and capitalized ......... 285,346 689,694 978,123 1,150,890 1,516,860
Estimate of interest within rental expense 21,154 33,173 37,007 37,357 35,295
Distribution on HIGH TIDES ................ 45,076 62,412 62,632 46,610 --
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Total fixed charges ....................... 351,576 785,279 1,077,762 1,234,857 1,552,155
RATIO OF EARNINGS TO FIXED CHARGES ........ 1.75x 1.31x -- -- -- (i)
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(i) For the year ended December 31, 2004, the Company had an earnings-
to-fixed-charges coverage deficiency of approximately $988.2 million,
primarily as a result of (1) a pre-tax charge to earnings of $202.1 million
for oil and gas asset, (2) increased interest costs due to recent debt
financings to support our growth, and (3) a decrease in average spark
spreads per megawatt-hour and higher fuel expense in 2004 as compared with
the same period in 2003.