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)
Three Months Ended March 31, | ||||||||
2011 | 2010(1) | |||||||
Earnings: |
||||||||
Income (loss) from continuing operations before income tax expense (2)(3) |
$ | 241,655 | $ | (4,903 | ) | |||
Fixed charges |
13,114 | 27,120 | ||||||
Adjustment to net distributed income from equity investee |
1,302 | 2,529 | ||||||
Interest capitalized |
(232 | ) | (101 | ) | ||||
Amortization of previously capitalized interest |
76 | 57 | ||||||
Non-controlling interest |
(1,187 | ) | (1,317 | ) | ||||
Total |
$ | 254,728 | $ | 23,385 | ||||
Fixed Charges: |
||||||||
Interest cost and debt expense |
12,445 | $ | 26,403 | |||||
Interest capitalized |
232 | 101 | ||||||
Interest allocable to rental expense(4) |
437 | 616 | ||||||
Total Fixed Charges |
$ | 13,114 | $ | 27,120 | ||||
Preferred dividends |
240 | | ||||||
Total Fixed Charges and Preferred Dividends |
$ | 13,354 | $ | 27,120 | ||||
Ratio of Earnings to Fixed Charges |
19.4x | | (5) | |||||
Ratio of Earnings to Fixed Charges and Preferred Dividends |
19.1x | | (6) | |||||
(1) | Restated to reflect amounts reclassified to discontinued operations due to the Partnerships sale of Elk City. |
(2) | Includes a $255.9 million gain on asset sale and an $18.4 million non-cash loss recognized on derivatives for the three months ended March 31, 2011. |
(3) | Includes a non-cash gain recognized on derivatives of $12.4 million and a non-recurring cash derivative unwind expense of $9.6 million for the three months ended March 31, 2010. |
(4) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
(5) | The Partnership earnings were insufficient to cover its fixed charges by $3.7 million for this period. |
(6) | The Partnership earnings were insufficient to cover its fixed charges and preferred dividends by $3.7 million for this period. |