Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BUCKEYE PARTNERS, L.P. | d550044d8k.htm |
| EX-1.1 - EX-1.1 - BUCKEYE PARTNERS, L.P. | d550044dex11.htm |
| EX-5.1 - EX-5.1 - BUCKEYE PARTNERS, L.P. | d550044dex51.htm |
Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
Dollars in Thousands
| Years Ended December 31, | Three Months Ended March 31, |
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| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
| Earnings: |
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| Income from continuing operations |
$ | 26,477 | $ | 49,594 | $ | 43,080 | $ | 108,501 | $ | 226,417 | $ | 89,472 | ||||||||||||
| Equity income (greater than) less than distributions |
(2,875 | ) | (2,871 | ) | 3,316 | (3,778 | ) | (2,775 | ) | (1,504 | ) | |||||||||||||
| Less: capitalized interest |
(2,355 | ) | (3,401 | ) | (2,499 | ) | (7,583 | ) | (9,238 | ) | (1,527 | ) | ||||||||||||
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| Total earnings |
21,247 | 43,322 | 43,897 | 97,140 | 214,404 | 86,441 | ||||||||||||||||||
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| Fixed Charges: |
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| Interest and debt expense |
75,410 | 75,147 | 89,169 | 119,561 | 114,980 | 30,249 | ||||||||||||||||||
| Capitalized interest |
2,355 | 3,401 | 2,499 | 7,583 | 9,238 | 1,527 | ||||||||||||||||||
| Portion of rentals representing an interest factor |
6,723 | 7,052 | 7,092 | 10,039 | 11,865 | 2,787 | ||||||||||||||||||
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| Total fixed charges |
84,488 | 85,600 | 98,760 | 137,183 | 136,083 | 34,564 | ||||||||||||||||||
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| Earnings available for fixed charges |
$ | 105,735 | $ | 128,922 | $ | 142,657 | $ | 234,323 | $ | 350,487 | $ | 121,004 | ||||||||||||
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| Ratio of earnings to fixed charges |
1.25 | 1.51 | 1.44 | 1.71 | 2.58 | 3.50 | ||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges on a pro forma basis to give effect to the sale of senior notes in this offering and the application of the net proceeds
| Year Ended December 31, 2012 |
Three Months Ended March 31, 2013 |
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| Earnings: |
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| Income from continuing operations (1) |
$ | 219,542 | $ | 87,753 | ||||
| Equity income (greater than) less than distributions |
(2,775 | ) | (1,504 | ) | ||||
| Less: capitalized interest |
(9,238 | ) | (1,527 | ) | ||||
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| Total earnings |
207,529 | 84,722 | ||||||
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| Fixed Charges: |
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| Interest and debt expense (1) |
121,855 | 31,968 | ||||||
| Capitalized interest |
9,238 | 1,527 | ||||||
| Portion of rentals representing an interest factor |
11,865 | 2,787 | ||||||
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| Total fixed charges |
142,958 | 36,282 | ||||||
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| Earnings available for fixed charges |
$ | 350,487 | $ | 121,004 | ||||
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| Ratio of earnings to fixed charges |
2.45 | 3.34 | ||||||
| (1) | Income from continuing operations and Interest and debt expense for the period ended December 31, 2012 and March 31, 2013 exclude $72.8 million and $68.9 million, respectively, for the settlement of our interest rate swaps relating to the refinancing of the 2013 Notes. |