Gulf South Pipeline Company, LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - March 28, 2013

Attached files

file filename
10-K - 10-K - Gulf South Pipeline Company, LPgulfsouth10k123112.htm
EX-31.1 - EXHIBIT 31.1 - Gulf South Pipeline Company, LPgsexhibit311.htm
EX-32.1 - EXHIBIT 32.1 - Gulf South Pipeline Company, LPgsexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - Gulf South Pipeline Company, LPgsexhibit312.htm
EX-32.2 - EXHIBIT 32.2 - Gulf South Pipeline Company, LPgsexhibit322.htm



Exhibit 12.1

GULF SOUTH PIPELINE COMPANY, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratios)
 
For the Year Ended
December 31,
 
2012
2011
2010
2009
2008
Earnings:
 
 
 
 
 
Income before income taxes
110.1

$
95.3

$
131.5

$
91.1

$
114.4

 
 
 
 
 
 
Amortization of capitalized Interest
1.1

1.1

1.0

1.0

0.8

Fixed charges
52.0

50.2

51.1

61.7

60.4

Capitalized interest
(1.0
)
(1.9
)
(2.6
)
(1.3
)
(11.9
)
Total earnings
162.2

$
144.7

$
181.0

$
152.5

$
163.7

 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
Interest expense, net of capitalized interest
47.6

$
44.6

$
45.1

$
57.0

$
45.7

Capitalized interest
1.0

1.9

2.6

1.3

11.9

Implicit interest in rents
3.4

3.7

3.4

3.4

2.8

Total fixed charges
52.0

$
50.2

$
51.1

$
61.7

$
60.4

Ratio of earnings to fixed charges
3.12x

2.88x

3.54x

2.47x

2.71x


For purposes of calculating the ratio of consolidated earnings to fixed charges:
 
•
 
“earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations; plus fixed charges; plus amortization of capitalized interest; less capitalized interest; and
 
•
 
“fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction.






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