EX-12 9 d290041dex12.htm EXHIBIT 12

Exhibit 12

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(in millions, unaudited)

|  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |  |  | 2007 |
Actual: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Computation of earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity in earnings of affiliates |  | $ | 2,179 |  |  | $ | 1,865 |  |  | $ | 2,268 |  |  | $ | 2,497 |  |  | $ | 1,019 |
Fixed charges |  |  | 1,804 |  |  |  | 1,758 |  |  |  | 1,732 |  |  |  | 2,017 |  |  |  | 1,876 |
Amortization of capitalized interest |  |  | 31 |  |  |  | 22 |  |  |  | 16 |  |  |  | 14 |  |  |  | 14 |
Distributed income of equity investees |  |  | 25 |  |  |  | 14 |  |  |  | 68 |  |  |  | 183 |  |  |  | 21 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalized interest |  |  | (176 | ) |  |  | (188 | ) |  |  | (183 | ) |  |  | (172 | ) |  |  | (84 | )
Preference security dividend of consolidated subsidiary |  |  | (5 | ) |  |  | (5 | ) |  |  | (4 | ) |  |  | (4 | ) |  |  | (6 | )
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges(1) |  |  | (8 | ) |  |  | (4 | ) |  |  | (9 | ) |  |  | — |  |  |  | — |
Earnings |  | $ | 3,850 |  |  | $ | 3,462 |  |  | $ | 3,888 |  |  | $ | 4,535 |  |  | $ | 2,840 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, debt premium and discount amortization |  | $ | 1,623 |  |  | $ | 1,565 |  |  | $ | 1,545 |  |  | $ | 1,841 |  |  | $ | 1,786 |
Capitalized interest |  |  | 176 |  |  |  | 188 |  |  |  | 183 |  |  |  | 172 |  |  |  | 84 |
Preference security dividend of consolidated subsidiary |  |  | 5 |  |  |  | 5 |  |  |  | 4 |  |  |  | 4 |  |  |  | 6 |
Fixed charges |  | $ | 1,804 |  |  | $ | 1,758 |  |  | $ | 1,732 |  |  | $ | 2,017 |  |  | $ | 1,876 |
Ratio of earnings to fixed charges |  |  | 2.13 |  |  |  | 1.97 |  |  |  | 2.24 |  |  |  | 2.25 |  |  |  | 1.51 |

(1) | Amounts for prior periods have been restated to exclude from the computation of earnings only noncontrolling interests in pretax income of those subsidiaries that did not incur fixed charges.