EXHIBIT 12.1

CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
173

 
$
983

 
$
20

 
$
218

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

 
—

 
(1
)
 
(1
)
 
(2
)
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
654

 
678

 
749

 
791

 
807

Amortization of capitalized interest
 
27

 
29

 
30

 
30

 
31

Distributions from equity method investments
 
25

 
13

 
27

 
29

 
6

Total Earnings:
 
$
840

 
$
1,659

 
$
757

 
$
1,001

 
$
586

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
628

 
$
645

 
$
696

 
$
736

 
$
760

Interest capitalized
 
15

 
19

 
38

 
38

 
24

Approximation of interest in rental expense
 
11

 
14

 
15

 
17

 
23

Total Fixed Charges:
 
$
654

 
$
678

 
$
749

 
$
791

 
$
807

Ratio of Earnings to Fixed Charges(1):
 
1.28

 
2.45

 
1.01

 
1.27

 
0.73

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