Attached files
Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Pipeline Partners, L.P.
(amounts in thousands except ratios)
| Nine Months Ended September 30, |
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| 2009 | 2008 | |||||||
| Earnings: |
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| Income (loss) from continuing operations before income tax expense (1)(2) |
$ | 33,269 | $ | (146,947 | ) | |||
| Fixed charges |
81,294 | 71,551 | ||||||
| Interest capitalized |
(2,522 | ) | (5,252 | ) | ||||
| Preferred dividends |
(900 | ) | (1,437 | ) | ||||
| Amortization of previously capitalized interest |
403 | 205 | ||||||
| Total |
$ | 111,544 | $ | (81,880 | ) | |||
| Fixed Charges: |
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| Interest cost and debt expense |
75,820 | 62,663 | ||||||
| Interest capitalized |
2,522 | 5,252 | ||||||
| Preferred dividends |
900 | 1,437 | ||||||
| Interest allocable to rental expense(3) |
2,052 | 2,199 | ||||||
| Total |
$ | 81,294 | $ | 71,551 | ||||
| Ratio of Earnings to Fixed Charges |
1.4x | — | (4) | |||||
| (1) | Includes a gain on asset sales of $111.4 million, a non-cash loss recognized on derivatives of $39.8 million and a non-recurring cash derivative unwind expense of $5.0 million for the nine months ended September 30, 2009. |
| (2) | Includes a non-cash loss recognized on derivatives of $36.0 million and a non-recurring cash derivative unwind expense of $187.6 million for the nine months ended September 30, 2008. |
| (3) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (4) | Due to the Partnership’s loss for the nine months ended September 30, 2008, its earnings were insufficient to cover its fixed charges by $153.4 million. |
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