EX-12.1 5 f74069ex12-1.txt STATEMENT RE COMPUTATION OF RATIOS 1 EXHIBIT 12.1 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED MARCH 31, -------------------------------------------------- --------------- 1996 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- ---- (in thousands) COMPUTATION OF EARNINGS: ------------------------ Pretax income before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees ................. $21,219 $ 37,340 $ 48,133 $121,623 $ 521,683 $ 156,004 Fixed charges ........................... 48,672 72,718 100,015 153,268 331,023 144,239 Amortization of capitalized interest .... -- -- 136 331 447 16 Distributed income of equity investees .. 1,274 21,042 27,717 43,318 29,979 1,213 Interest capitalized .................... -- (6,200) (7,000) (47,300) (206,973) (104,022) Minority interest in pretax income of subsidiaries that have not incurred fixed charges ................ -- -- -- 265 (895) -- ------- -------- -------- -------- --------- --------- Total earnings .......................... $71,165 $124,900 $169,001 $271,505 $ 675,264 $ 197,450 ======= ======== ======== ======== ========= ========= COMPUTATION OF FIXED CHARGES: ---------------------------- Interest expensed and capitalized ....... $45,294 $ 67,666 $ 93,726 $138,462 $ 263,673 119,727 Estimate of interest within rental expense ........................ 3,378 5,052 6,289 12,241 23,140 9,337 Distributions on HIGH TIDES ............. -- -- -- 2,565 44,210 15,175 ------- -------- -------- -------- --------- --------- Total fixed charges ..................... $48,672 $ 72,718 $100,015 $153,268 $ 331,023 $ 144,239 ======= ======== ======== ======== ========= ========= Ratio of earnings to fixed charges ...... 1.46x 1.72x 1.69x 1.77x 2.04x 1.37x
This information does not reflect any impact on Calpine's financial position or results of operations that will result from our business combination under the pooling of interest method of accounting consummated on April 19, 2001 with Encal Energy Ltd.