EXHIBIT 12.1

CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
983

 
$
20

 
$
218

 
$
(211
)
 
$
(230
)
Less:
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated investments in power plants
 
(25
)
 
(30
)
 
(28
)
 
(21
)
 
(16
)
Interest capitalized
 
(19
)
 
(38
)
 
(38
)
 
(24
)
 
(15
)
Preferred securities dividend requirements of subsidiaries
 
—

 
(1
)
 
(1
)
 
(2
)
 
(3
)
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
678

 
749

 
791

 
807

 
858

Amortization of capitalized interest
 
29

 
30

 
30

 
31

 
31

Distributions from equity method investments
 
13

 
27

 
29

 
6

 
11

Total Earnings:
 
$
1,659

 
$
757

 
$
1,001

 
$
586

 
$
636

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
645

 
$
696

 
$
736

 
$
760

 
$
813

Interest capitalized
 
19

 
38

 
38

 
24

 
15

Approximation of interest in rental expense
 
14

 
15

 
17

 
23

 
30

Total Fixed Charges:
 
$
678

 
$
749

 
$
791

 
$
807

 
$
858

Ratio of Earnings to Fixed Charges(1):
 
2.45

 
1.01

 
1.27

 
0.73

 
0.74

___________
(1)
The coverage ratio is less than one-to-one for the years ended December 31, 2011 and 2010; thus, additional earnings of $221 million and $222 million, respectively, would have needed to be generated to cover the shortfall.