NuStar Energy L.P. - FORM 10-K - EX-12.01 - STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 26, 2010

Attached files

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10-K - FORM 10-K - NuStar Energy L.P.d10k.htm
EX-23.01 - CONSENT OF KPMG LLP - NuStar Energy L.P.dex2301.htm
EX-99.01 - AUDIT COMMITTEE PRE-APPROVAL POLICY - NuStar Energy L.P.dex9901.htm
EX-10.24 - AIRCRAFT TIME SHARING AGREEMENT - NuStar Energy L.P.dex1024.htm
EX-99.02 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS - NuStar Energy L.P.dex9902.htm
EX-10.11 - PERFORMANCE UNIT AGREEMENT - NuStar Energy L.P.dex1011.htm
EX-21.01 - LIST OF SUBSIDIARIES OF NUSTAR ENERGY L.P. - NuStar Energy L.P.dex2101.htm
EX-32.01 - SECTION 906 CERTIFICATIONS - NuStar Energy L.P.dex3201.htm
EX-31.01 - SECTION 302 CERTIFICATIONS - NuStar Energy L.P.dex3101.htm

Exhibit 12.01

NUSTAR ENERGY L.P.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars, Except Ratio)

 

     Year Ended December 31,  
     2009     2008     2007     2006     2005  

Earnings:

           

Income from continuing operations before provision for income taxes and income from equity investees

    $ 225,791      $ 256,994      $ 154,913      $ 149,885      $ 110,069   

Add:

           

Fixed charges

      102,781        113,959        91,594        75,829        46,211   

Amortization of capitalized Interest

      553        440        255        126        80   

Distributions from joint ventures

      9,700        2,835        544        5,268        4,657   

Less: Interest capitalized

      (1,650 )      (5,108 )      (5,995 )      (1,758 )      (1,008 ) 
                                        

Total earnings

    $ 337,175      $ 369,120      $ 241,311      $ 229,350      $ 160,009   
                                        

Fixed charges:

           

Interest expense (1)

    $ 78,622      $ 92,971      $ 77,584      $ 68,241      $ 41,616   

Amortization of debt issuance costs

      910        815        1,030        726        622   

Interest capitalized

      1,650        5,108        5,995        1,758        1,008   

Rental expense interest factor (2)

      21,599        15,065        6,985        5,104        2,965   
                                        

Total fixed charges

    $ 102,781      $ 113,959      $ 91,594      $ 75,829      $ 46,211   
                                        

Ratio of earnings to fixed charges

      3.3 x      3.2 x      2.6 x      3.0 x      3.5 x 
                                        

 

(1) The “Interest expense, net” reported in NuStar Energy L.P.’s consolidated statement of income for the years ended December 31, 2009, 2008 and 2007 includes investment income of $0.1 million, $3.0 million and $2.1 million, respectively.
(2) The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.

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