Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - Summit Midstream Partners, LP | Financial_Report.xls |
| EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - Summit Midstream Partners, LP | ex231deloitteconsent1214.htm |
| EX-31.2 - CFO CERTIFICATION - Summit Midstream Partners, LP | ex312cfocertification1214.htm |
| EX-31.1 - CEO CERTIFICATION - Summit Midstream Partners, LP | ex311ceocertification1214.htm |
| EX-32.1 - SECTION 906 CERTIFICATION - Summit Midstream Partners, LP | ex321section906certificati.htm |
| EX-21.1 - LIST OF SUBSIDIARIES - Summit Midstream Partners, LP | ex211listofsubsidiaries1214.htm |
| 10-K - SMLP 2014 FORM 10-K - Summit Midstream Partners, LP | smlp-1214x10k.htm |
EXHIBIT 12.1
SUMMIT MIDSTREAM PARTNERS, LP
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For purposes of computing the ratio of earnings to fixed charges, "earnings" are defined as income before taxes plus fixed charges less capitalized interest. "Fixed charges" consist of interest expensed and capitalized, amortization of deferred loan costs and an estimate of interest within rent expense.
Year ended December 31, | |||||||||||||||||||
2014 (1) | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Earnings: | |||||||||||||||||||
(Loss) income before income taxes | $ | (20,533 | ) | $ | 54,033 | $ | 43,679 | $ | 38,646 | $ | 8,296 | ||||||||
Add (deduct): | |||||||||||||||||||
Fixed charges | 43,890 | 24,338 | 15,794 | 6,579 | 70 | ||||||||||||||
Capitalized interest | (3,172 | ) | (4,705 | ) | (2,784 | ) | (3,362 | ) | — | ||||||||||
Total earnings | $ | 20,185 | $ | 73,666 | $ | 56,689 | $ | 41,863 | $ | 8,366 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 40,159 | $ | 19,173 | $ | 12,766 | $ | 3,054 | $ | — | |||||||||
Capitalized interest | 3,172 | 4,705 | 2,784 | 3,362 | — | ||||||||||||||
Estimate of interest within rent expense | 559 | 460 | 244 | 163 | 70 | ||||||||||||||
Total fixed charges | $ | 43,890 | $ | 24,338 | $ | 15,794 | $ | 6,579 | $ | 70 | |||||||||
Ratio of earnings to fixed charges | 0.46 | 3.03 | 3.59 | 6.36 | 119.51 | ||||||||||||||
(1) The ratio of earnings to fixed charges was less than 1:1 for the year ended December 31, 2014. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $23.7 million of earnings for the year ended December 31, 2014.
EX12.1-1