EX-12.1 8 a2212859zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges
Atlantic Power Corporation

 

The following table sets forth the ratio of earnings to fixed charges for the periods indicated below.

 

 

 

Year Ended December 31,

 

(in thousands of U.S. dollars)

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings (loss) from continuing operations before income taxes

 

$

(143,735

)

$

(82,922

)

$

(11,964

)

$

(82,727

)

$

(2,648

)

Loss attributable to noncontrolling interest

 

593

 

480

 

103

 

—

 

—

 

Distributions from equity investments

 

38,347

 

21,889

 

16,843

 

27,884

 

41,031

 

Interest capitalized

 

(16,952

)

(2,979

)

(4,968

)

—

 

—

 

Preferred share dividends of a subsidiary company

 

(13,049

)

(3,247

)

—

 

—

 

—

 

Fixed charges (from below)

 

151,544

 

52,232

 

34,329

 

74,498

 

60,984

 

 

 

$

16,748

 

$

(14,547

)

$

34,343

 

$

19,655

 

$

99,367

 

Preferred share dividends of a subsidiary company

 

13,049

 

3,247

 

—

 

—

 

—

 

Project level interest

 

44,972

 

23,032

 

22,628

 

18,800

 

17,709

 

Corporate level interest

 

93,523

 

25,953

 

11,701

 

55,698

 

43,275

 

 

 

$

151,544

 

$

52,232

 

$

34,329

 

$

74,498

 

$

60,984

 

Ratio of earnings to fixed charges

 

 

(1)

 

(1)

1.00

 

 

(1)

1.63

 

 

(1)         Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For these purposes, “earnings” is the amount resulting from adding together earnings (loss) from continuing operations before income taxes, distributions from equity investments and fixed charges and subtracting loss attributable to noncontrolling interests, interest capitalized and preferred share dividends of a subsidiary company. “Fixed charges” is the amount resulting from adding together preferred share dividends of a subsidiary company, project level interest (including interest capitalized and interest from discontinued operations) and corporate level interest expenses. Earnings were insufficient to cover fixed charges by $134.8 million, $67.9 million and $54.8 million, for the years ended December 31, 2012, 2011 and 2009, respectively.