Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT TO FORM 8-K - Summit Midstream Partners, LP | a13-14874_18ka.htm |
| EX-99.1 - EX-99.1 - Summit Midstream Partners, LP | a13-14874_1ex99d1.htm |
Exhibit 12.1
Summit Midstream Partners, LP
Ratio of Earnings to Fixed Charges
|
|
|
Three Months |
|
Year Ended December 31, |
|
Pro Forma(2),(3) |
| |||||||||||||||
|
|
|
2013 |
|
2012 |
|
2012 |
|
2011 |
|
2010 |
|
Three Ended |
|
Year Ended |
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|
|
|
(Dollars in thousands) |
| |||||||||||||||||||
|
Earnings(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Income before income taxes |
|
$ |
12,661 |
|
$ |
7,726 |
|
$ |
42,408 |
|
$ |
38,646 |
|
$ |
8,296 |
|
$ |
7,236 |
|
$ |
23,508 |
|
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Fixed charges |
|
2,437 |
|
5,543 |
|
15,791 |
|
6,579 |
|
70 |
|
6,885 |
|
33,758 |
| |||||||
|
Capitalized interest |
|
(493 |
) |
(1,321 |
) |
(2,784 |
) |
(3,362 |
) |
— |
|
(493 |
) |
(2,784 |
) | |||||||
|
Total earnings |
|
$ |
14,605 |
|
$ |
11,948 |
|
$ |
55,415 |
|
$ |
41,863 |
|
$ |
8,366 |
|
$ |
13,628 |
|
$ |
54,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Fixed charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Interest expense |
|
$ |
1,880 |
|
$ |
4,177 |
|
$ |
12,766 |
|
$ |
3,054 |
|
$ |
— |
|
$ |
6,328 |
|
$ |
30,733 |
|
|
Capitalized interest |
|
493 |
|
1,321 |
|
2,784 |
|
3,362 |
|
— |
|
493 |
|
2,784 |
| |||||||
|
Estimate of interest within rental expense |
|
64 |
|
45 |
|
241 |
|
163 |
|
70 |
|
64 |
|
241 |
| |||||||
|
Total fixed charges |
|
$ |
2,437 |
|
$ |
5,543 |
|
$ |
15,791 |
|
$ |
6,579 |
|
$ |
70 |
|
$ |
6,885 |
|
$ |
33,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Ratio of Earnings to Fixed Charges |
|
5.99 |
|
2.16 |
|
3.51 |
|
6.36 |
|
119.51 |
|
1.98 |
|
1.61 |
| |||||||
(1) For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized, amortization of deferred loan costs and an estimate of interest in rent expense.
(2) Unaudited.
(3) Calculations are based on the assumptions set forth in the Unaudited Pro Forma Condensed Combined Financial Statements that are included as Exhibit 99.5 to the Form 8-K filed by Summit Midstream Partners, LP on June 5, 2013.