HOLLY ENERGY PARTNERS LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1

file	filename
EX-4.9 - EXHIBIT 4.9 - HOLLY ENERGY PARTNERS LP	c96322exv4w9.htm
EX-21.1 - EXHIBIT 21.1 - HOLLY ENERGY PARTNERS LP	c96322exv21w1.htm
EX-31.1 - EXHIBIT 31.1 - HOLLY ENERGY PARTNERS LP	c96322exv31w1.htm
EX-32.1 - EXHIBIT 32.1 - HOLLY ENERGY PARTNERS LP	c96322exv32w1.htm
EX-31.2 - EXHIBIT 31.2 - HOLLY ENERGY PARTNERS LP	c96322exv31w2.htm
EX-23.1 - EXHIBIT 23.1 - HOLLY ENERGY PARTNERS LP	c96322exv23w1.htm
EX-32.2 - EXHIBIT 32.2 - HOLLY ENERGY PARTNERS LP	c96322exv32w2.htm
EX-10.41 - EXHIBIT 10.41 - HOLLY ENERGY PARTNERS LP	c96322exv10w41.htm
EX-10.49 - EXHIBIT 10.49 - HOLLY ENERGY PARTNERS LP	c96322exv10w49.htm
10-K - FORM 10-K - HOLLY ENERGY PARTNERS LP	c96322e10vk.htm

Exhibit 12.1

Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)


	Years Ended December 31,
	2009		2008		2007		2006		2005
Earnings:
Net income	$	67,593	$	26,645	$	40,338	$	28,223	$	27,556

Add total fixed charges (per below)		25,682		24,751		15,125		14,815		11,324


Total earnings	$	93,275	$	51,396	$	55,463	$	43,038	$	38,880


Fixed charges:
Interest expense	$	21,501	$	21,763	$	13,289	$	13,056	$	9,633
Capitalized interest		1,008		1,007		—		—		—
Estimate of interest within rental expense⁽¹⁾		3,173		1,981		1,836		1,759		1,691


Total fixed charges	$	25,682	$	24,751	$	15,125	$	14,815	$	11,324


Ratio of earnings to fixed charges		3.63		2.08		3.67		2.91		3.43


(1)		Represents 30% of the total operating lease rental expense, which is that portion, deemed to be interest.

HOLLY ENERGY PARTNERS LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 16, 2010