Calpine Corp – ‘10-K’ for 12/31/02 – EX-12.1

On:  Monday, 3/31/03, at 10:05am ET   ·   For:  12/31/02   ·   Accession #:  891618-3-1561   ·   File #:  1-12079

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.82M 
 2: EX-10.2.8   Material Contract                                      5     21K 
 3: EX-12.1     Statement re: Computation of Ratios                    1     10K 
 4: EX-21.1     Subsidiaries of the Registrant                         9     35K 
 5: EX-23.1     Consent of Experts or Counsel                          1      8K 
 6: EX-23.2     Consent of Experts or Counsel                          1     13K 
 7: EX-23.3     Consent of Experts or Counsel                          1      6K 
 8: EX-23.4     Consent of Experts or Counsel                          1      6K 
 9: EX-99.1     Miscellaneous Exhibit                                  1      7K 

EX-12.1   —   Statement re: Computation of Ratios

EX-12.1
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                                                                    Exhibit 12.1

Calpine Corporation                                                             
RATIO OF EARNINGS TO FIXED CHARGES                                              
YTD 2002                                                                        

                                                        [Enlarge/Download Table]

                                                               YEAR ENDED DECEMBER 31,            
                                            ----------------------------------------------------- 
(IN THOUSANDS)                               1998      1999       2000        2001        2002    
--------------                              -------   -------   --------   ----------   --------- 
                                                                                                  
COMPUTATION OF EARNINGS:                                                                          
Pretax income before adjustment for                                                               
  minority interests in consolidated                                                              
  subsidiaries and income or loss from                                                            
  equity investees                           36,106   140,454    537,322      867,407      16,160 
Fixed charges                               109,021   165,354    355,093      792,805   1,088,805 
Amortization of capitalized interest            136       331        447        2,619      12,475 
Distributed income of equity investees       27,717    43,318     29,979        5,983      14,117 
Interest capitalized                         (7,000)  (47,300)  (206,973)    (498,723)   (575,446)
Minority interest in pretax income of                                                             
  subsidiaries that have not incurred                                                             
  fixed charges                                  --       265       (895)          --          -- 
Distribution of HIGH TIDES                       --    (2,565)   (45,076)    ( 62,412)    (62,632)
------------------------------------------------------------------------------------------------- 
Total Earnings                              165,980   299,857    669,897    1,107,679     493,479 
COMPUTATION OF FIXED CHARGES:                                                                     
Interest expensed and capitalized           102,732   150,548    288,863      697,220     989,166 
Estimate of interest within rental                                                                
  expense                                     6,289    12,241     21,154       33,173      37,007 
Distributions on HIGH TIDES                      --     2,565     45,076       62,412      62,632 
------------------------------------------------------------------------------------------------- 
Total fixed charges                         109.021   165,354    355,093      792,805   1,088,805 
RATIO OF EARNINGS TO FIXED CHARGES            1.52x     1.81x      1.89x        1.40x       0.45x 

For the year ended December 31, 2002, the Company had an earnings-to-fixed-     
charges coverage deficiency of approximately $595.3 million, primarily as a     
result of (1) a pre-tax charge to earnings of $404.7 million for equipment      
cancellation and asset impairment, (2) increased interest costs due to recent   
debt financings to support our growth, and (3) a significant decrease in        
electricity prices, gas prices and spark spreads, primarily as a result of weak 
market fundamentals as compared to the year ended December 31, 2001.            

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/31/03		10-Q
For Period End:		12/31/02		11-K,  8-K,  NT 11-K
		12/31/01		10-K,  11-K
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