EX-12.1 2 y06874a1exv12w1.txt EX-12.1: COMPUTATION OF RATIOS Exhibit 12.1 NRG ENERGY, INC. CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS (in thousands except for ratio)
For the Period For the Year For the Year For the Year January 1, Ended Ended Ended 2003 Through December 31, December 31, December 31, December 5, ------------ ------------ ------------ -------------- 2000 2001 2002 2003 ------------ ------------ ------------ -------------- EARNINGS: Income/(loss) before taxes $ 251,034 $ 250,723 $(2,955,319) $ 2,987,007 Minority interest in earnings 840 - - - LESS: Undistributed equity in earnings of unconsolidated affiliates (43,258) (119,002) (22,252) (41,472) Capitalized interest (2,667) (27,175) (45,896) (16) Preference dividends - tax effected - - - - ADD: Fixed charges 253,110 394,616 502,474 333,868 ----------- ----------- ----------- ----------- $ 459,059 $ 499,162 $(2,520,993) $ 3,279,387 =========== =========== =========== =========== FIXED CHARGES: Interest expense $ 241,999 $ 353,443 $ 423,815 $ 312,249 Interest capitalized 2,667 27,175 45,896 16 Amortization of debt costs 7,678 10,668 28,367 17,640 Amortization of debt discount - - - - Approximation of interest in rental expense 766 3,330 4,396 3,963 Preference dividends - tax effected - - - - ----------- ----------- ----------- ----------- $ 253,110 $ 394,616 $ 502,474 $ 333,868 =========== =========== =========== =========== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS 1.81 1.26 (5.02) 9.82 =========== =========== =========== =========== Deficiency of earnings to fixed charges - - 3,023,467 - =========== =========== =========== =========== For the Period December 6, For the Year For the Three 2003 Through Ended Months Ended December 31, December 31, March 31, -------------- ------------- ------------- 2003 2004 2005 -------------- ------------- ------------- EARNINGS: Income/(loss) before taxes $ 10,744 $ 227,257 $ 27,424 Minority interest in earnings 134 1,045 474 LESS: Undistributed equity in earnings of unconsolidated affiliates 2,229 (1,062) (31,996) Capitalized interest (2) (113) - Preference dividends - tax effected - (915) (7,000) ADD: Fixed charges 20,862 292,382 64,857 ----------- ----------- ----------- $ 33,967 $ 518,594 $ 53,759 =========== =========== =========== FIXED CHARGES: Interest expense $ 18,385 $ 259,932 $ 54,578 Interest capitalized 2 113 - Amortization of debt costs 517 9,432 1,413 Amortization of debt discount 1,725 18,227 931 Approximation of interest in rental expense 233 3,763 935 Preference dividends - tax effected - 915 7,000 ----------- ----------- ----------- $ 20,862 $ 292,382 $ 64,857 =========== =========== =========== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS 1.63 1.77 0.83 =========== =========== =========== Deficiency of earnings to fixed charges - - 11,098 =========== =========== ===========