EX-12.1 129 a2224880zex-12_1.htm EX-12.1

Exhibit 12.1

 

DYNEGY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio)

 

The following table presents our ratio of earnings to fixed charges for the periods indicated:

 

 

 

Successor

 

 

Predecessor

 

 

 

 

 

 

 

 

 

October 2

 

 

January 1

 

 

 

 

 

 

 

Three Months

 

Year Ended

 

Year Ended

 

Through

 

 

Through

 

 

 

 

 

 

 

Ended March

 

December 31,

 

December 31,

 

December 31,

 

 

October 1,

 

Year Ended December 31,

 

 

 

31, 2015

 

2014

 

2013

 

2012

 

 

2012

 

2011

 

2010

 

Earnings available for fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

(181

)

$

(268

)

$

(417

)

$

(113

)

 

$

121

 

$

(575

)

$

(453

)

Less: Net income (loss) attributable to noncontrolling interest

 

(1

)

6

 

—

 

—

 

 

—

 

—

 

—

 

Less: Undistributed earnings (losses) from continuing operations

 

—

 

—

 

—

 

—

 

 

—

 

—

 

(62

)

Add: Fixed charges excluding capitalized interest

 

132

 

227

 

104

 

16

 

 

98

 

476

 

462

 

Earnings available for fixed charges, as defined

 

$

(48

)

$

(47

)

$

(313

)

$

(97

)

 

$

219

 

$

(99

)

$

71

 

Fixed charges, as defined:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other financing costs, including loss on extinguishment of debt

 

$

132

 

$

226

 

$

102

 

$

16

 

 

$

97

 

$

360

 

$

363

 

Capitalized interest

 

3

 

9

 

2

 

—

 

 

5

 

12

 

15

 

Estimated interest cost within rental expense

 

—

 

1

 

2

 

—

 

 

1

 

116

 

99

 

Fixed charges, as defined

 

$

135

 

$

236

 

$

106

 

$

16

 

 

$

103

 

$

488

 

$

477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

—

(a)

—

(a)

—

(a)

—

(a)

 

2.13

 

—

(a)

—

(a)

 

(a) For the three months ended March 31, 2015, the years ended December 31, 2014 and 2013, the period from October 2 through December 31, 2012 and the years ended December 31, 2011 and 2010 earnings were insufficient to cover fixed charges by $183 million, $283 million, $419 million, $113 million, $587 million and $406 million, respectively.