EX-12.1 3 dyn-ex121_20131231x10k.htm RATIO OF EARNINGS TO FIXED CHARGES DYN-EX12.1_2013.12.31-10K
Exhibit 12.1

DYNEGY INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
 
 
Successor
 
 
Predecessor
 
 
 
Year Ended December 31, 2013
 
October 2 Through December 31, 2012
 
 
January 1 Through October 1, 2012
 
Year Ended December 31,
 
 
 
 
 
 
 
2011
 
2010
 
2009
 
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
(417
)
 
$
(113
)
 
 
$
121

 
$
(575
)
 
$
(453
)
 
$
(1,155
)
 
Less: Undistributed earnings (losses) from continuing operations
 
—

 
—

 
 
—

 
—

 
(62
)
 
(72
)
 
Add: Fixed charges excluding capitalized interest
 
104

 
16

 
 
98

 
476

 
462

 
593

 
Earnings available for fixed charges, as defined
 
$
(313
)
 
$
(97
)
 
 
$
219

 
$
(99
)
 
$
71

 
$
(490
)
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and other financing costs, including loss on extinguishment of debt
 
$
102

 
$
16

 
 
$
97

 
$
360

 
$
363

 
$
446

 
Capitalized interest
 
2

 
—

 
 
5

 
12

 
15

 
24

 
Estimated interest cost within rental expense
 
2

 
—

 
 
1

 
116

 
99

 
147

 
Fixed charges, as defined
 
$
106

 
$
16

 
 
$
103

 
$
488

 
$
477

 
$
617

 
Ratio of earnings to fixed charges
 
—

(a) 
—

(a) 
 
2.13

 
—

(a) 
—

(a) 
—

(a) 
_____________________________________
(a)
For the years ended December 31, 2009, 2010, 2011, for the period from October 2 through December 31, 2012 and the year ended December 31, 2013 earnings were insufficient to cover fixed charges by $1,107 million, $406 million, $587 million, $113 million and $419 million, respectively.