
<PAGE>   1
                                                                    EXHIBIT 12.1


                          STATEMENT OF COMPUTATION OF
                       RATIO OF EARNINGS TO FIXED CHARGES


<TABLE>
<CAPTION>
                                                                                                        THREE MONTHS
                                                            YEAR ENDED DECEMBER 31,                    ENDED MARCH 31,
                                             --------------------------------------------------        ---------------
                                                1996       1997       1998      1999      2000            2001
                                                ----       ----       ----      ----      ----            ----
<S>                                          <C>       <C>        <C>       <C>         <C>            <C>
(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
</TABLE>

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.
