EXHIBIT 12.1
DYNEGY INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in 000'S)
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Year Ended December 31,
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1998 1997 1996 1995 1994
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Computation of Earnings:
Pre-tax income (loss) from continuing operations $158,691 $(149,895) $169,645 $ 65,234 $ 44,105
Undistributed income from equity investees 6,477 4,073 21,729 9,169 3,803
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Computed Earnings (Loss) 152,214 (153,968) 147,916 56,065 40,302
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Fixed Charges:
Interest costs:
Expensed 74,992 63,455 46,202 34,475 1,114
Capitalized 7,591 8,800 1,200 1,028 -
Minority interest in income of a subsidiary 16,632 9,841 - - -
Amortization of financing costs 1,320 943 772 1,132 1,267
Amortization of Premium (2,568) (6,768) (4,892) (3,216) -
Rental expense representative of interest factor 20,698 13,572 4,171 3,719 955
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Total Fixed Charges 118,665 89,843 47,453 37,138 3,336
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Earnings Before Income Taxes and Fixed Charges $263,288 $ (72,925) $194,169 $ 92,175 $ 43,638
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Ratio of Earnings to Fixed Charges 2.22 (a) 4.09 2.48 13.08
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(a) Earnings are inadequate to cover fixed charges for the year ended December 31, 1997, by approximately $72.9 million.