EXHIBIT 12.1 MIRANT AMERICAS GENERATION, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR THE FOUR YEARS ENDED DECEMBER 31, 2001 Year Ended December 31 ------------------------- 2001 2000 1999 1998 ---- ---- ---- ---- (In Millions, except Ratio) EARNINGS, AS DEFINED: Income (loss) from continuing operations before income taxes and minority interest $314 $264 $ 68 $ 11 Add: Fixed charges less interest capitalized 271 102 67 3 Amortization of capitalized interest 0 0 0 0 Distributed income of equity investees 0 0 0 0 Less: Equity in income of affiliates, and minority interest in losses 0 0 0 0 ---- ---- ---- ---- Total earnings, as defined $585 $366 $135 $ 14 ---- ---- ---- ---- FIXED CHARGES, AS DEFINED: Interest expensed, including amortization of debt premiums, discounts and expenses $194 $ 99 $ 67 $ 3 Interest capitalized 24 10 2 0 Interest element of rentals 77 3 0 0 ---- ---- ---- ---- Total fixed charges, as defined $295 $112 $ 69 $ 3 ---- ---- ---- ---- Ratio of earnings to fixed charges 2.0 3.3 2.0 4.7 ---- ---- ---- ----