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Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Actual: | ||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of affiliates | $ | 2,179 | $ | 1,865 | $ | 2,268 | $ | 2,497 | $ | 1,019 | ||||||||||
Fixed charges | 1,804 | 1,758 | 1,732 | 2,017 | 1,876 | |||||||||||||||
Amortization of capitalized interest | 31 | 22 | 16 | 14 | 14 | |||||||||||||||
Distributed income of equity investees | 25 | 14 | 68 | 183 | 21 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (176 | ) | (188 | ) | (183 | ) | (172 | ) | (84 | ) | ||||||||||
Preference security dividend of consolidated subsidiary | (5 | ) | (5 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||||||
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges(1) | (8 | ) | (4 | ) | (9 | ) | — | — | ||||||||||||
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Earnings | $ | 3,850 | $ | 3,462 | $ | 3,888 | $ | 4,535 | $ | 2,840 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense, debt premium and discount amortization | $ | 1,623 | $ | 1,565 | $ | 1,545 | $ | 1,841 | $ | 1,786 | ||||||||||
Capitalized interest | 176 | 188 | 183 | 172 | 84 | |||||||||||||||
Preference security dividend of consolidated subsidiary | 5 | 5 | 4 | 4 | 6 | |||||||||||||||
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Fixed charges | $ | 1,804 | $ | 1,758 | $ | 1,732 | $ | 2,017 | $ | 1,876 | ||||||||||
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Ratio of earnings to fixed charges | 2.13 | 1.97 | 2.24 | 2.25 | 1.51 |
(1) | Amounts for prior periods have been restated to exclude from the computation of earnings only noncontrolling interests in pretax income of those subsidiaries that did not incur fixed charges. |