EX-12.1 8 cpn_exhibit121x12312016.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1

CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
159

 
$
173

 
$
983

 
$
20

 
$
218

Less:
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated investments in power plants
 
(24
)
 
(24
)
 
(25
)
 
(30
)
 
(28
)
Interest capitalized
 
(21
)
 
(15
)
 
(19
)
 
(38
)
 
(38
)
Preferred securities dividend requirements of subsidiaries
 
—

 
—

 
—

 
(1
)
 
(1
)
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
662

 
654

 
678

 
749

 
791

Amortization of capitalized interest
 
28

 
27

 
29

 
30

 
30

Distributions from equity method investments
 
21

 
25

 
13

 
27

 
29

Total Earnings:
 
$
825

 
$
840

 
$
1,659

 
$
757

 
$
1,001

Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
631

 
$
628

 
$
645

 
$
696

 
$
736

Interest capitalized
 
21

 
15

 
19

 
38

 
38

Approximation of interest in rental expense
 
10

 
11

 
14

 
15

 
17

Total Fixed Charges:
 
$
662

 
$
654

 
$
678

 
$
749

 
$
791

Ratio of Earnings to Fixed Charges:
 
1.25

 
1.28

 
2.45

 
1.01

 
1.27

____________
(1)
Fixed charges include the portion of rental expense that management believes is representative of the interest component.