CALPINE CORP - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 9, 2017

Attached files

file filename
10-K - CALPINE 10-K FOR YEAR-ENDED DECEMBER 31, 2016 - CALPINE CORPcpn_10kx12312016.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - CALPINE CORPcpn_exhibit321x12312016.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CFO - CALPINE CORPcpn_exhibit312x12312016.htm
EX-31.1 - SECTION 302 CERTIFICATION OF CEO - CALPINE CORPcpn_exhibit311x12312016.htm
EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS - CALPINE CORPcpn_exhibit231x12312016.htm
EX-21.1 - SUBSIDIARIES OF THE COMPANY - CALPINE CORPcpn_exhibit211x12312016.htm
EX-10.2.8 - AMENDED AND RESTATED CHNAGE IN CONTROL AND SEVERANCE - CALPINE CORPexhibit1028-amendedandrest.htm
EX-10.2.15 - PSU AWARD AGREEMENT BETWEEN THE COMPANY AND W. THAD MILLER - CALPINE CORPcpn_exhibit10227xpsuequity.htm
EX-10.2.14 - PSU AWARD AGREEMENT BETWEEN THE COMPANY AND CERTAIN SENIOR EMPLOYEES - CALPINE CORPcpn_exhibit10226xpsuequity.htm
EX-10.1.20 - AMENDMENT NO. 1 TO NEW 2023 TERM LOAN - CALPINE CORPcpn_exhibit10120amendmentn.htm
EX-10.1.19 - AMENDMENT NO. 1 TO 2023 TERM LOAN - CALPINE CORPcpn_exhibit10119amendmentn.htm
EX-10.1.18 - AMENDMENT NO. 1 TO 2022 TERM LOAN - CALPINE CORPcpn_exhibit10118amendmentn.htm


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.



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