Attached files

file filename
EX-23.1 - CONSENT - PANHANDLE EASTERN PIPE LINE COMPANY, LPconsent23_1.htm
EX-32.2 - EXHIBIT 32.2 - PANHANDLE EASTERN PIPE LINE COMPANY, LPexhibit32_2.htm
EX-32.1 - EXHIBIT 32.1 - PANHANDLE EASTERN PIPE LINE COMPANY, LPexhibit32_1.htm
EX-24 - POWER OF ATTORNEY - PANHANDLE EASTERN PIPE LINE COMPANY, LPexhibit24.htm
EX-31.2 - EXHIBIT 31.2 - PANHANDLE EASTERN PIPE LINE COMPANY, LPexhbit31_2.htm
EX-31.1 - EXHIBIT 31.1 - PANHANDLE EASTERN PIPE LINE COMPANY, LPexhibit31_1.htm
10-K - PANHANDLE EASTERN PIPE LINE COMPANY FORM 10-K DECEMBER 31, 2010 - PANHANDLE EASTERN PIPE LINE COMPANY, LPpeplform10_k123110.htm

Exhibit 12
 

 
RATIO OF EARNINGS TO FIXED CHARGES
 
                               
                               
The following table sets forth the consolidated ratio of earnings to fixed charges on an historical basis for the years ended December 31, 2010, 2009, 2008, 2007 and 2006.  For the purpose of calculating such ratios, “earnings” consist of pre-tax income from continuing operations before income or loss from equity investees, adjusted to reflect distributed income from equity investments, and fixed charges, less capitalized interest. “Fixed charges” consist of interest costs, amortization of debt discount, premiums and issuance costs and an estimate of interest implicit in rentals. No adjustment has been made to earnings for the amortization of capital interest for the periods presented as such amount is immaterial. Interest on FIN 48 liabilities is excluded from the computation of fixed charges as it is recorded by the Company in income tax expense versus interest expense.
                               
                               
                               
                               
                               
   
Year Ended December 31,
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(In thousands)
FIXED CHARGES:
                             
Interest Expense
  $ 102,001     $ 82,881     $ 90,514     $ 83,748     $ 63,322  
Net amortization of debt discount, premium and
                                       
  issuance expense
    1,457       1,615       (1,457 )     (1,197 )     (1,333 )
Capitalized Interest
    6,629       25,701       18,910       14,203       4,645  
Interest portion of rental expense
    4,497       4,122       3,050       3,582       3,780  
                                         
Total Fixed Charges
  $ 114,584     $ 114,319     $ 111,017     $ 100,336     $ 70,414  
                                         
EARNINGS:
                                       
Consolidated pre-tax income (loss) from continuing
                                       
   operations
  $ 244,456     $ 242,315     $ 247,206     $ 246,742     $ 225,794  
Earnings of equity investments
    (237 )     (224 )     (304 )     (299 )     (172 )
Distributed income from equity investments
    -       -       -       -       174  
Capitalized interest
    (6,629 )     (25,701 )     (18,910 )     (14,203 )     (4,645 )
Minority interest
    -       -       -       -       -  
Total fixed charges (from above)
    114,584       114,319       111,017       100,336       70,414  
                                         
Earnings Available for Fixed Charges
  $ 352,174     $ 330,709     $ 339,009     $ 332,576     $ 291,565  
                                         
                                         
Ratio of Earnings to Fixed Charges
    3.1       2.9       3.1       3.3       4.1